Reducing manpower and risk for a large financial institution through strategic automation.
Robotic process automation (RPA) is a hot topic among technologically savvy organizations, with the market expected to grow to nearly $3B by 2023. With complex systems across multiple platforms, RPA can remove the need for system integration in order to simplify processes and communications across the enterprise. This, in turn, can enable substantial productivity gains in a very short time frame.
So when a top-10 national bank found that the level of effort associated with manual document validation was increasingly overwhelming, costly, and subject to error, they sought out a solution. Having implemented RPA in other parts of the organization, they wanted to see if automation could provide a more efficient, cost-effective and compliant solution for their complex validation processes as well. They called Celerity to help.
- Agile Development
- Process Optimization
- Program & Project Delivery
- Project Management
- Research & User Insights
- Robotic Process Automation
- Strategy Planning & Execution
Developing bots to automate validation processes
Celerity began by performing an assessment of the bank’s online documentation and artifacts to identify potential candidates for automated validation. After working with SMEs to understand the requirements and regulations, Celerity consultants then developed a fully comprehensive validation approach covering:
Disclosure Validation (DV)
The DV bot now validates about 120 different documents, reducing 60 days of manual effort down to one day.
- The bot runs on schedules and executes overnight with very little manual effort
- The results generated are near 100% accuracy
- The reduction in level of effort and cycle time enabled the validation frequency to increase from quarterly to monthly, further reducing the risks to customer experience and regulatory compliance
Web Validation (WV)
The WV bot now validates about 15,000 web pages for obsolete criteria.
- Manual inspection and logging of results was limited to about 50 URLs per person, per shift. The WV bot now validates about 250 URLs per 24 hours
- The WV bot approach is more accurate and exhaustive than the previous manual approach, and is able to find issues that cannot be feasibly and consistently identified by a human
Saving time and mitigating risks across multiple processes
Prior to working with Celerity, the bank used a complex validation process that required considerable manpower
to manually perform their validations. That high-degree of manual activity increased the risk of human error—human error that would affect customer experience and regulatory compliance.
Celerity’s RPA solution took the bank’s process execution to a whole new level: enhancing the quality of work, increasing the speed of execution, reducing the costs involved to maintain the process, minimizing the compliance risk, and improving the customer experience. Better yet, the bots never fatigue, can run 24/7, and don’t complain about the monotony of the work. The results of this initiative were so successful that the bank has applied modified versions of this validation approach to other initiatives.
Web and disclosure validation processes were done manually
Manual disclosure validations took about 60 days of effort
Manual web validation capacity was about 50 URLs per day
Manual processes are subject to human error, a big risk in a regulated industry
Full automation of validation processes across multiple platforms
Automated disclosure validations can
now be completed in a single day
The web bot can validate 250 URLs per day, with greater accuracy and detail
Automated processes mitigate risk and enable greater regulatory compliance