INDUSTRY: Banking and Finance
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How Accelirate's KYC Automation Delivers $1.5M ROI and 566% Capacity Boost for Leading North American Bank
566%
Increase in Processing
Capacity
$1.5
Million ROI within
8 Months
200
Hours Saved
per Month
32%
Decrease in Cycle Time
for Analyst Review
Client Overview
The client is a full-service bank based in North America with more than 150 branches and over $25 billion in assets. The company’s services include personal and business banking solutions, cash management services, business loans, and commercial real estate financing solutions.
Key Takeaways
- Lack of scalability planning can lead to failed KYC automation projects.
- Enhancing existing KYC automations can deliver significant ROI and efficiency gains.
- Splitting the bot into dispatcher and performer components improves speed and processing capacity.
- Implementing a new template streamlines the analyst review process.
The client, a large North American bank, faced significant challenges with their Automated KYC verification and KYC Automation process. The original Robotic Process Automation solutions, implemented by a previous vendor, struggled to handle increased workloads as the business grew, resulting in slow processing times and frequent errors. Accelirate was engaged to enhance the existing automation to improve functionality and scalability. The client chose Accelirate for their expertise in KYC Automation for banks, RPA solutions and their ability to deliver scalable solutions tailored to the client’s specific needs.
Overcoming Scalability and Efficiency Challenges in the KYC Proces with Accelirate’s Enhanced Automation
The client’s initial KYC Automation faced significant challenges due to the lack of scalability planning in the original implementation. The bot struggled with handling larger workloads, leading to frequent restarts and significant productivity losses. It was also only able to run during work hours when developers were available to handle errors. The bot’s low efficiency and poor functionality, particularly with creating clunky pivot tables, further hampered the KYC analysts’ review process. Additionally, the previous vendor did not provide any documentation, leaving a huge gap in process knowledge when Accelirate began the engagement.
01- Thorough Process Documentation
Conducted in-depth discussions with business teams to create detailed process documentation, including PDD and SDD, as well as an operational handbook. This ensured knowledge continuity and process clarity.
02 - Enhanced KYC UiPath Template
Implemented a new KYC UiPath template to create richer and more visual Excel sheets for analysts, replacing clunky pivot tables with seasonality dashboards and expected behaviors aggregated at the customer level.
03 - Splitting the Bot into Two Parts
Separated the bot into a dispatcher and a performer. The dispatcher extracts all necessary data during the workday, while the performer inputs and filters data at all hours, allowing individual record retries without delaying the entire file processing.
04 - Proactive Monitoring and Rapid Issue Resolution
Established continuous monitoring of RPA processes to identify and address potential issues before they impact operations, ensuring smooth functionality. Rapidly handled bug fixes and configuration adjustments to minimize downtime.
05 - Enhanced Collaboration
Facilitated effective communication between HR, management, and payroll teams to ensure alignment and timely updates throughout the KYC evaluation process.
06 - Continuous Optimization
Analyzed RPA performance data and user feedback to identify opportunities for improvement and implement enhancements for ongoing process refinement.
Significant Gains from Accelirate’s KYC Automation Enhancements
Accelirate’s enhancements to the client’s KYC Automation delivered long-term benefits, transforming their evaluations process from quarterly to monthly and significantly boosting capacity. The improved automation solution enabled the business to handle a substantial increase in workload, achieving a 566% increase in the number of evaluations processed, from 150 to 1,000 per month. This scalability not only resulted in a remarkable ROI of $1.5 million within just 8 months but also saved the client over 200 hours per month previously spent on troubleshooting and rework. Additionally, the streamlined process reduced the average time analysts spent on each review by 32%, thanks to the clear and concise data presentation provided by the enhanced bot. Let’s look at the results achieved:
01 - Increased Processing Capacity
Monthly evaluations increased from 150 to 1,000, a 566% boost.
02 - Substantial ROI
Achieved $1.5 million ROI within 8 months of implementation.
03 - Significant Time Savings
Over 200 hours per month saved on restarting and reconfiguring the bot.
04 - Reduced Cycle Time
Average time for analyst reviews decreased by 32%, from 25 minutes to 17 minutes per customer.
04 - Enhanced Data Presentation
Enhanced Data Presentation
Scale Your Business with Optimized Automation Solutions Today!
In this case study, we’ve seen how Accelirate’s enhanced KYC Automation helped a large bank achieve impressive ROI and efficiency gains. By splitting the bot into dispatcher and performer components and implementing a new user-friendly template, Accelirate streamlined the KYC evaluation process and prepared the client for future growth. Learn how Accelirate Accelirate can help you optimize your KYC automation and achieve similar success by maximizing your RPA investment.
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