Case Study – Robotic Process Automation
Automation of Cards Compliance Operations for a large financial services organization.
Overview
The credit Card Offer compliance team is responsible for continuously ensuring the accuracy and integrity of Credit Card offers on the client’s consumer portal. The team manually reviews the offer information for 50+ cards across different Sources of Truth and updates the consumer website with the latest offer information.
Failure to remediate information variations will result in SLA and Terms of Service breach with the partners, leading to penalties or worse, discontinuation of the partnership.
It could also potentially impact customer satisfaction.
Industry
Financial Services
Processes Automated
The entire card offers compliance operations
Current Challenges
- Manually verifying a large volume of data is laborious and potentially subject to errors and omissions.
- The manual process is time-consuming and puts a lot of burden on the operations team to complete the review in a timely manner.
- Delays in remediation, or misses result in partner penalties and loss of business
Automation Objectives
- Ensure all credit card offer inputs from partners are accurate through the lifecycle of an active offer
- Increase speed, accuracy, and availability (24×365) of card offer info review services
- Improve compliance, controls, and auditability
- Enhance employee productivity; Reduce Employee workload
- Improve partner relationship
- Reduce the risk of impact on customer satisfaction
RPA Solution Summary
Equipped with a deep understanding of the client’s domain and processes, and given the repetitive and structured nature of the compliance tasks, Xalta team proposed Robotic Process Automation (RPA) as the automation tool.
The team demonstrated the quick value that could be derived from this automation, by building a POC in less than 2-weeks using Automation Anywhere platform as the RPA tool.
We further proceeded to automate the end-to-end Card Offers Data Compliance process by building an RPA solution comprising of unattended BOTs, that run on a daily basis and perform the following tasks
- Extract the credit card offer data from 3 different Sources of Truth
- Clean, standardize and process the data so it can be compared across different sources
- Compare data and identify discrepancies
- Email the execution summary and deviations summary to the ops team.