INDUSTRY: Banking
Tags:
How Accelirate’s Process Discovery and Automation
Ensure Scalability and Save Over 26,000 Hrs Annually for a Florida-Based Commercial Bank
26K+
Hrs Saved Annually
10K+
Client Base
Client Overview
The client is a Florida-based commercial bank with over 50 years of operation, specializing in services for non-resident customers. With a diverse client base exceeding 10,000, the bank employs over 42,000 people from 27 different nationalities. They are also highly committed to gender equality, with 50% of executive positions held by women.
Key Takeaways
- Improved compliance and time-savings with automated reporting and monitoring.
- Banking automation leads to a significant reduction in manual errors and improved data accuracy.
- Process discovery for banking brings scalable solutions for handling increased workloads without hiring more staff.
- Enhanced employee satisfaction and reduced burnouts through automation of repetitive tasks.
The client is a leading Florida-based commercial bank looking for ways to improve operational efficiency while maintaining their high standards of customer service. They faced challenges in manual processes that were time-consuming and prone to errors, putting a strain on employee productivity. The bank’s commitment to data integrity and compliance was important to their operations, and they sought to optimize their scalability and decision-making processes.
Accelirate was engaged to help them with a tailored automation solution designed specifically for the bank’s needs. The solution focused on automating key manual processes, improving data-driven decision-making, and ensuring compliance with industry standards. By working closely with the bank’s leadership, Accelirate introduced process discovery for banking automation to address critical areas like compliance, operations, and customer service.
Resolving Compliance and Scalability Inefficiencies Through Process Discovery and Automation
To stay current with the modern banking approaches, several financial institutions continuously seek ways to enhance their operations and services. The client too aimed to address the potential scalability challenges and optimize resource allocation to ensure efficient growth. Their key pain points included manual processes that limited their ability to grow efficiently, operational inefficiencies that slowed down customer service, and challenges in meeting regulatory requirements. The bank was also grappling with data integrity and accuracy concerns, as manual tasks increased the risk of errors, making regulatory compliance more difficult, especially for BSA (Bank Secrecy Act) compliance.
On top of that, employee well-being was impacted due to the high volume of repetitive tasks, leading to burnout and high turnover rates. To future-proof their operations, the bank needed a comprehensive strategy that would automate manual processes, optimize resources, and ensure a sustainable work environment.
Accelirate’s proposed solutions were tailored to address the bank’s immediate challenges while positioning them for long-term success by capitalizing on major areas of opportunity, such as:
- Future-proofing FTE-intensive areas by prioritizing automation in manual processes
- Enhancing intelligent processes through unattended automation
- Consolidating information from various sources for improved analysis and decision-making
- Reducing operational risk by automating critical processes
- Facilitating the scaling of operations while mitigating risks associated with SLA non-compliance and regulatory issues
What Was Unique About our Solution and How it Impacted the Bank?
Accelirate’s tailored solution for the bank employed a hybrid approach to process discovery, combining human insights with data analysis. This customized strategy ensured immediate cost savings and efficiency gains while providing scalable solutions for sustained growth. An innovative automation solution was implemented across various departments, including BSA Compliance, Banking and Payment Solutions, Credit Department, and Operations. This addressed the client’s immediate operational inefficiencies while enhancing scalability, improving data-driven decision-making, and ensuring regulatory compliance. Here’s is how their banking operations was optimized:
01- BSA Compliance Automation
One of the primary areas of focus was BSA (Bank Secrecy Act) Compliance Enhancement. The bank implemented automated monitoring and reporting of suspicious activities, significantly reducing the manual workload and improving accuracy. A groundbreaking addition was the creation of a Business Intelligence tool that consolidated activity tracking, providing real-time insights into compliance-related activities. Furthermore, the streamlined live transaction approval process expedited decision-making while maintaining rigorous compliance standards.
02 - Process Discovery for Banking Operations
Through process discovery, critical automation areas were identified, particularly within customer service and transaction management, allowing the bank to streamline operations and improve response times.
03 - Credit Card Application Automation
The automation of due diligence checks for credit card applications accelerated the approval process and enhanced the accuracy of risk assessments. Additionally, the implementation of streamlined report generation from multiple systems eliminated time-consuming manual data compilation, allowing staff to focus on analysis rather than data gathering. The automated gathering and analysis of financial information for loan approvals optimized the underwriting process, reducing turnaround times and improving consistency in decision-making.
04 - Automated Wire Transfers and GL Reconciliation
Streamlining of operations was another key focus area. Manual processes for wire transfers and General Ledger (GL) reconciliations were automated, reducing processing times and minimizing errors. The creation of end-of-day batches for account modifications automated a previously time-consuming manual process. The automated GL reconciliation for deposit operations not only saved countless hours but also improved accuracy in this vital financial process.
05 - Centralized Task Management for the Credit Department
A centralized work log was introduced, enhancing task management visibility, improving team collaboration, and streamlining workflows in the credit department.
Empowering Growth and Efficiency Through Banking Automation and Data-Driven Solutions
The client witnessed a remarkable transformation through Accelirate’s tailored automation solution. It not only optimized their existing processes but also showed new potential across departments, ensuring compliance, improving scalability, and fostering innovation. By automating repetitive tasks, the bank empowered its employees to focus on higher-value activities, enhancing both customer and employee satisfaction.
This combination of intelligent process automation and personalized process discovery transformed the bank’s operations into a scalable, data-driven, and compliant system capable of handling the evolving demands of the modern financial landscape. Here are the key results and benefits achieved:
01 - Time Savings
Automated processes saved the bank over 26,000 hours annually, the equivalent of 16+ Full-Time Employees (FTEs).
02 - Enhanced Accuracy
Automation reduced human errors, leading to higher data integrity and improved decision-making.
03 - Improved Compliance
With the implementation of Banking Compliance Automation, BSA monitoring and reporting became faster and more accurate.
04 - Operational Scalability
Automation allowed the bank to scale operations without proportional increases in staffing, setting them up for growth.
05 - Enhanced Customer Satisfaction
Quicker response times, especially in credit approvals and transactions, improved the overall customer experience.
06 - Employee Well-being
Automation reduced repetitive, manual tasks, leading to less burnout and higher job satisfaction among employees.
07 - Data-Driven Decision Making
Real-time data consolidation enabled more informed, agile decision-making.
08 - Risk Mitigation
Automated processes reduced operational risks, particularly those related to compliance and SLA non-compliance.
Future-Proof Banking Operations with Accelirate’s Intelligent Automation and Process Discovery Today!
As the banking industry continues to evolve, we saw how this Florida-based commercial bank embraced a new level of efficiency and innovation through banking automation and process discovery for banking. By leveraging the power of Robotic Process Automation and intelligent automation, the bank not only tackled their immediate challenges but also laid the groundwork for sustainable growth and enhanced compliance.
The unique combination of automation solutions tailored to the bank’s specific needs, from compliance automation to operational scalability, is what sets this project apart. It has resulted in improved customer satisfaction, enhanced employee well-being, and a stronger ability to meet regulatory demands. This case study showcases how automation doesn’t just solve problems—it creates opportunities for lasting innovation. Associating with a trusted Automation Partner, like Accelirate can enable you to explore and experience operational excellence and continuous growth through intelligent automation. Connect with us today!
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