Reducing Processing Time from 4 Minutes to 5 Seconds Using Bot-Led Automation for Tax Data Document Extraction for a Credit Union.

Challenges.

The client faced challenges including

· Cumbersome manual extraction of tax data for reporting leading to payment delays

· Risk of missing payments or incorrect extraction resulting in claims and penalties

Solution.

Coforge provided a comprehensive solution, including:

· Implementation of a tax bot for efficient extraction of tax data and documents

· Utilization of screen scraping and PDF extraction to populate tax information

· Automation of the extraction process, reducing the total processing time by 70%

· Automated pulling of Escrow and Non-Escrow data from approximately 400 agencies

· Manual review of extracted tax data files to highlight errors and ensure accuracy

The Impact.

The impact of Coforge's solution is summarized as follows:

· Total reporting process time reduced from an average of 4 minutes to less than 5 seconds for a parcel

· Achieved 100% accuracy and 0% bot extraction error rates

· Met turnaround time requirements 100% of the time, irrespective of the volume inflow

· Cost reduction of 55% while avoiding claims and meeting turnaround time