Recent technology trends have reshaped the financial services industry into a digital business where very short turnaround times are required. Our client, a leading financial services company, contacted Imsart to ensure speedier and more effective processing of electronic fund transfers. We automated the process and created a fast, accurate, cost-effective, and round-the-clock virtual workforce for handling the entire process, leading to operational excellence.
The client was manually handling the electronic funds transfer process that includes changing the bank information or scheduled payment date/amount for life insurance premium payments as per the customers’ requests. These requests are received either on a form or over the phone. There are various Life & Annuity platforms where information needs to be updated. Three different sub-processes include Bank-CC, Mode Change, and Credit Card. Manually handling the process made the procedure slow and prone to human errors.
Ismart followed an iterative development model to tailor an automated process for handling all electronic funds transfer requests. We also built an internal Robotic Process Automation (RPA) Center of Excellence (CoE) for the client to facilitate embedding RPA deeply and effectively into the organization. This also enables redistributing accumulated knowledge and resources across future deployments.
The bot checks the policy number for each request basis which it selects the appropriate procedure. Acting as a bridge between legacy and modern systems and making relevant updations, it also keeps client’s new bank details updated as per request in the Policy Administration System. After the information is updated, the transaction is routed for quality review from the processing queue.
The existing setup posed the following challenges:
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