“It’s common to find repetitive processes that are prompt to human error during data entry or digitalization. This financial institution faced this challenge while managing a significant data entry backlog on a process that was labor intensive and inefficient. This Robotic Process Automation (RPA) solution improved the process throughput 100X by eliminating manual entries and integrating data sources into a seamless workflow.”
By: Eduardo Villalba and Mario Rodríguez
March 1st, 2024
The Need for Efficient Banking Operations
In the dynamic landscape of financial institutions’ operations, the need for efficiency, accuracy, and rapid response to customer needs is paramount. This insight presents an in-depth analysis of a software engineering initiative undertaken at a Puerto Rico financial institution focusing on the automation of the case entry process into an online reporting platform. This automation project was not merely a technological upgrade but a strategic move to enhance operational workflow and customer service excellence.
The automation initiative was propelled by several unmet needs within the institution's operational processes, including:
Efficiency Improvement - The manual process of entering cases was both time-consuming and resource-intensive, leading to operational delays. Automation was identified as a critical solution to streamline this process, thereby enhancing overall efficiency.
Backlog Resolution - A significant backlog of cases necessitated an urgent and efficient resolution method. Automation provided a pathway to address this issue promptly, ensuring timely processing of pending cases.
Deadline Compliance - The bank faced a strict deadline for the automation project, making timely completion a necessity to achieve operational goals and leverage the benefits of automation within the planned timeframe.
Accuracy Enhancement - Manual data entry was prone to errors, impacting data integrity. Automation aimed to minimize these errors, enhancing the accuracy and reliability of the case entry process.
Resource Optimization - The project sought to optimize the use of human resources by automating repetitive tasks, allowing for a strategic allocation of personnel to more critical functions.
Approaching The Process Automation
The process automation started by understanding the baseline. The evolution of the case entry process into the reporting platform highlighted a journey from legacy systems to a modern, automated approach. As illustrated in Figure 1 below, the transition involved overcoming challenges associated with outdated interfaces and embracing a database queue system for improved case management and distribution. During the Pre-Automation stage the process output was 48 cases per day per employee.
Figure 1. Baseline Process
After exploring various design options, we decided in favor of a design that promised efficiency, reliability, and scalability. The automated process included interfacing the backlog with the RPA solution. This eliminated the need for manual entries into the reporting system. On the second phase, the RPA was integrated to the reporting system to submit the information in batches.
Figure 2. Automated Process with RPA
Driving Return-On-Investment
The project's success is measured through key performance indicators (KPIs), demonstrating significant improvements in operational efficiency. Notably, the automation has led to substantial cycle time reductions in case processing and considerable cost savings for the client as illustrated in Figure 3. By processing 400,000 unique cases the projected savings are close to $1 million dollars.
Figure 3. RPA’s Impact
What’s Your RPA Strategy?
If you don’t have a Robotic Process Automation Strategy, your organization might not be performing at the optimum level. RPA’s can be a competitive advantage on labor-intense industries like financial services, distribution, retailing and manufacturing. Using RPAs to improve productivity and process reliability can boost your ROI. At e3 Consulting we have vast experience in process optimization and automation using RPAs and workflow automation solutions. Reach out to us and let’s evaluate your RPA opportunities.
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