Automating Electronic Fund Transfers: Speeding Up Financial Services

Challenges

The client's reliance on manual processing for electronic fund transfers (EFTs) created several operational bottlenecks that hindered efficiency and accuracy. Here's a breakdown of the key challenges encountered:

• Slow Turnaround Times: Updating bank information or payment details involved manual data entry across multiple Life & Annuity platforms (Bank-CC, Mode Change, Credit Card). This time-consuming process resulted in extended wait times for customers seeking changes to their life insurance premium payments.
• Prone to Human Error: Manual data entry across various systems significantly increased the risk of errors. Typos or inconsistencies could lead to missed payments, incorrect deductions, or delays in processing updates. This not only frustrated customers but also necessitated additional work to rectify mistakes.
• High Transaction Volume: The financial services industry typically processes a high volume of transactions daily. Manual handling couldn't scale effectively to meet these demands, leading to backlogs and further delays in processing EFT requests.

These challenges combined created a situation where the client struggled to deliver a seamless and efficient EFT experience for their customers. The slow turnaround times, potential for errors, and inability to handle high transaction volume hindered overall operational excellence.

Solution

Coforge addressed the client's challenges with a comprehensive Robotic Process Automation (RPA) solution, implemented using an iterative development model. This approach allowed for continuous refinement and ensured the solution effectively met the client's specific needs. Here are the key highlights:

• Automated Process Development: Coforge developed a custom RPA bot to automate the entire EFT process. This bot streamlines the following tasks:
  • Policy Identification: The bot automatically identifies the relevant policy based on the received request.
  • Process Selection: Depending on the policy details and request type (Bank-CC, Mode Change, Credit Card), the bot selects the appropriate process flow.
  • Data Updates Across Systems: The bot seamlessly integrates with various legacy and modern Life & Annuity platforms, updating bank information and payment details across all relevant systems. This eliminates the need for manual data entry in each system.
  • Confirmation Letter Generation: Upon successful update, the bot automatically generates confirmation letters for the customer.
  • Request Closure and Quality Review: The bot closes the processed request and routes it to a queue for quality review, ensuring accuracy before finalization.
• RPA Center of Excellence (CoE): To ensure successful RPA adoption within the organization, Coforge established an internal CoE. This CoE serves as a central hub for:
  • Knowledge Sharing: The CoE fosters knowledge sharing and expertise development related to RPA technologies and best practices.
  • Standardization: The CoE establishes and maintains standardized procedures and guidelines for RPA development and deployment across the organization.
  • Resource Management: The CoE facilitates the efficient allocation of resources and expertise for future RPA initiatives.
  •  

By leveraging RPA and establishing a dedicated CoE, Coforge empowered the client to achieve a more efficient, accurate, and scalable EFT processing system.

The Impact