Learn how OpenBots Automation can streamline your financial operations.
June 11, 2024 | 2 min read
Enables Banks to Stay Competitive with 4x Faster Rate Updates
- Industry: Banking
Region: Americas - Department: Credit Bureau
Products:OpenBots RPA
- 90% Reduced data entry errors
Overview
Financial institutions need to update rates regularly to stay
competitive. As per the process, the Treasury Department
maintains rates in a single master rate file, which is updated daily,
weekly, monthly, or quarterly. The updated file is saved in a shared
folder. Using OpenBots RPA, the new rates are updated in the
bank s application according to the effective date. The changes
are reflected in the master rate file, which is then converted to a
PDF and emailed to a reviewer. The reviewer checks the latest
changes and saves the file in the required destination. This
process ensures timely and accurate rate adjustments, helping
financial institutions stay competitive in the market with
OpenBots solutions.
Challenges
- Data Accuracy: Errors in the master rate file or during data entry, impacting profitability and customer trust.
- Timeliness: Prompt updates are essential to reflect current market conditions; delays resulted in outdated rates.
- System Integration: Integrating RPA tools with banking applications and SharePoint required more time and meticulous planning.
- Review and Approval: Ensuring timely access and thorough review by the reviewer.
- Security: Difficulty in protecting sensitive financial data from unauthorised access.
- Scalability: Handling increasing volume and frequency of updates without compromising accuracy.
Solution
- Automated Validation Checks: Used automated checks to make sure data is accurate during entry and updates.
- Scheduled Rate Updates: Scheduled and automated rate updates with OpenBots Cloudserver to keep up with market changes.
- System Integration: Integrated OpenBots seamlessly with banking applications and SharePoint using strong APIs and connectors.
- Automated Notifications: Automated notifications and provided reviewers with quick access to updated files for timely review using Openbots Business Center.
- Data Encryption: Protected sensitive financial data with encryption and secure communication protocols.
- Scalability: Ensured scalability with automation by handling data and frequent updates efficiently.
Results
Automated Validation Checks:
Reduced data entry
errors by 90%.
Scheduled Rate Updates:
Reduced rate update time
from 5 hours to 1 hour per update cycle.
Review Time Reduction:
Reduced review time from 2
days to 0.8 days on average.
Increased Productivity:
Automation allowed employees
to focus on more strategic tasks, increasing overall
productivity by 50%.
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