Automation of financial dispute resolution with RPA for improved productivity, accuracy & efficiency
Headquartered in Texas, US, the client is one of the largest banks operating across Texas & Oklahoma with 200+ branches.
The client used the VISA merchant network for issuing their debit/credit cards and their end customers regularly reported financial discrepancies on their cards and checks.
The client had a dedicated team of 3FTEs who manually marked and notified these discrepancies to concerned authorities for dispute resolution. They had to immediately credit any dispute that amounted to $ 25 or less as the investigation was expensive due to time constraint. The client realized the lapse of time and scope of error in the manual process and wanted to automate the dispute handling mechanism. They wanted to increase accuracy, reduce non-compliance penalties and free up FTEs for more critical banking services.
Team YASH reviewed the client’s current dispute resolution mechanism and identified the mundane manual tasks that can be replaced with BOTs. After interpreting the various interfaces across multiple systems that were ‘marked’ for dispute resolution, the team implemented a BOT using ‘automation anywhere’ that could mimic repetitive human actions needed to mark disputed transactions. The BOT was also integrated with existing applications for further actions and auto closed disputes that were resolved by the dispute resolution team.
The implementation of BOTs and RPA not only helped the client with enhanced efficient dispute resolution, but also increased accuracy and savings. The client achieved on-time resolution of disputes and reduced the risk of non-compliance. They could now handle higher volumes of disputes and reduced the processing time from 9 hours to 2 hours per day.
in eliminating manual errors
Saved $120,000 annually
by redeploying FTEs to higher priority tasks
Saved $60,000 per month
by resolving the disputed transactions below $25 promptly