Automating a bank’s compliance workflow to reduce processing time

One of Asia’s leading multinational banking and financial services corporations engaged us to address their process automation needs related to compliance updates from the central bank portal. We analyzed their current process, identified the framework and then automated the manual process. This led to a reduction of 88% in the processing time and helped the bank grow the business unit.

The Problem

The client (bank) is authorized by the central bank to disburse foreign exchange to its customers. As part of this authority, it is required to validate the amount of currency that can be issued to each customer on the central bank’s portal. Travel business customers required the bank to issue foreign currency to its travelers in large numbers with a quick turnaround for the disbursement. Compliance requires the bank to maintain records of a screenshot of the portal page for each traveler. The manual process from logging-in to capturing the screenshot of the customer to updating the excel was time-consuming. Typically taking anywhere from 2-3 minutes for each customer. Huge manual efforts and longer turnaround time made the travel agent customer unhappy, and the bank was not able to service such business requests.

Our Approach

Business users saw an opportunity to automate the process to keep customers happy while increasing revenue for the bank. During the initial discussion, RPA tools like UiPath and Blue Prism were identified but were not considered because of high licensing costs. We analyzed the process as having three main parts namely the login, capturing and recording. These functions could be automated using a QA Automation tool except the part of entering Captcha that would require manual intervention. We proposed Selenium, an open-source QA Automation framework for automating the manual process. The solution used excel and word plug-ins to achieve capturing and recording functions. The solution was packaged with relevant java libraries (jar files) to be deployed on user desktops and run as an independent utility. These functions could be automated using a QA Automation tool except the part of entering Captcha that would require manual intervention. We proposed Selenium, an open-source QA Automation framework for automating the manual process. The solution used excel and word plug-ins to achieve capturing and recording functions. The solution was packaged with relevant java libraries (jar files) to be deployed on user desktops and run as an independent utility. 

The Results

Our solution resulted in reducing the processing time by 88%. This led to a reduction in the cost of processing request and maintaining compliance with a reduced headcount. With the solution showing results, the bank was able to reach out to more such customers to increase their business for this service.

Learn how to automate your processes and maximize efficiency

Get In Touch

Related Content

Increasing Claims Processing Speed by Automating Adjudication

See how we helped a leading healthcare company increase revenue by automating claims processing

Streamlining Operational Processes by Moving to the Cloud

We helped a leader in behavioral health reduce payment processing efforts by 50% by utilizing the cloud

Increasing Marketing Efficiency to Better Engage Customers

A leading insurance company sought help in transforming how marketing interacted with customers