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RPA Speeds Up Bank's Response Time: Within 48 Hours, 3000 Customers Get Approval for Mortgage Payment Deference

Posted by Julie Shafiki on Apr 16, 2020 7:52:21 AM

A New Era in Banking Starts Now

Even before the emergence of the coronavirus, the banking and financial services sector was already being shaken up and turned upside down by daring industry leaders and disruptive new entrants who were (quite literally) giving the old guard a real run for their money. Crashing the party with an exceptionally creative and tech-savvy approach, these players embraced the digital revolution to upstage the established institutions, many of whom were burdened by a ton of legacy infrastructure and outdated manual procedures.

A New Era
Now, with the coronavirus pandemic wreaking havoc worldwide, these critical issues have been thrown into sharp relief. Banks across the globe are facing a totally new paradigm as a result of unprecedented lockdowns and the attendant economic shutdown. Competition, fierce enough prior to the outbreak, is now assuming almost Darwinian proportions. As a consequence, banks and financial institutions are looking for effective and innovative ways to both cut costs and deliver the best possible service to their customers, many of whom are up against severe financial hardship caused by sudden job losses.

Full-Cycle Automation Making a Real Difference
Let’s take a look at a couple of recent real-world success stories where we at Kryon have deployed our Full-Cycle Automation Suite to help banks take control during the current upheaval, while also making a real difference for the better to the lives of their customers living in the shadow of the coronavirus.

Success Story 1: European Bank Automates Mortgage and Loan Repayment Deferment Approvals

We got a call from the head of BI and process automation at an EMEA-based bank who are already using our solution to automate dozens of processes. He urgently needed to automate the approval of mortgage and loan repayment deferments submitted via the bank’s website. These requests were piling up and threatening to overwhelm the department tasked with processing them. Could we help?

Of course we could!

Although the bank was previously using a relatively small number of bots, we worked directly with their IT team to create a custom wizard to automate the repayment deferment requests. Despite the complexity of the project, our customer was up and running inside two weeks from start to finish. Within two days the mortgage repayment deferral requests of some 2,700 customers were automatically approved, as were the loan repayments of around 500 others.

This was a win-win for everyone; Their clients got some much-needed financial breathing space, and the bank was able to significantly reduce the immense pressure on its backroom staff.

Success Story 2: Large American Bank Automates Credit Card Repayment Postponement and Card Fees Waivers

In a similar vein, to help its customers through the present economic turmoil, a large North American bank needed to create automated mechanisms to approve customer requests for postponing credit card repayments and waiving annual card fees.

They now have a neat solution where Kryon robots pull the different customer data from multiple sources. This information, such as the customer’s length of time with the bank and their creditworthiness, is then cross-referenced to verify their eligibility for payment postponement or the waiving of fees. If there are issues with the request that lie beyond the scope of the automation wizard, the robots flag it up and direct a bank employee to investigate further. Finally, in a nice personal touch, if the criteria are met and the requests are approved, the customer is notified automatically by SMS or email.

By adopting this wizard, the bank managed to achieve a reduction of almost 70% in the time taken to process new repayment deferment and fee waiving requests, and in less than three days cleared a huge backlog of cases that had been building up. Importantly, the bank was pleased to give its customers a fast response and financial support – giving it a good competitive edge.

The Key to Success in a Fast-Changing World
Kryon’s Full Cycle Automation Suite, a unique solution combining Process Discovery™, Robotic Process Automation (RPA) and analytics in a single, unified platform, is a game-changing proposition. It makes light work of automating time-consuming, repetitive processes and has a proven track record in the field with a rapidly growing base of delighted customers. 

For more information about how Kryon’s free Full-Cycle Automation Suite package can help you quickly adapt and succeed in the new business reality, click here.

Topics: Robotic Process Automation, RPA, Banking, Finance & Accounting, intelligent automation

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