About the Client

This Organization is an investment bank which specializes in online trading and investment products.

The Problem

The organization faced delays in the account opening process due to a manual approach, compounded by a rapidly expanding customer base. With approximately 2000-3000 service requests per month, the process required 24 full-time employees (FTEs) to handle 150-200 requests daily, leading to potential human errors. Additionally, the client required Management Information System (MIS) Reports to track service request statuses and transaction details.

The Solution

To address these challenges, we implemented an automated account opening process using RPA (Robotic Process Automation) bots. Key components of the solution included:
• Automated workflows for receiving, validating, and extracting data from account opening service request forms.
• Identification and categorization of documents into the appropriate template buckets, considering variations in document types and formats.
• Use of Optical Character Recognition (OCR) technology for data extraction from documents.Once data is extracted correctly from documents, the required data is stored in the data repository.
• In case of exceptions such as insufficient information or poor document quality, bot stops the process execution and branches are notified for further response.
• Automated workflow gets triggered for account opening. Opened account details and status of account requests is updated in database table with appropriate status.
• Customers can view the status of the request on the bank portal.

Value Added

• 80% increase in overall efficiency.
• 90% improvement in accuracy compared to the manual process.
• Elimination of FTE involvement, leading to cost savings.
• Maintenance and monitoring activities automated, ensuring error-free operations.