Reduced Delivery Costs and Increased Operational Excellence for a Fortune 100 Bank

About Client

A major global financial institution based in the US, operating in nearly 160 countries and jurisdictions. The bank offers a wide range of financial products and services, including consumer banking, credit, corporate and investment banking, securities brokerage, and wealth management.

Challenges

The client faced several challenges with their existing manual operations:

• Process Adherence: Difficulty in enhancing process adherence to meet benchmarks.
• Workforce Utilization: Inefficient use of the workforce due to repetitive and rule-based tasks.
• Monitoring and Governance: Inability to meet defined SLAs and KPIs across lines of business (LOBs).
• Volume Spikes: Struggles in handling periodic transactional volume spikes.
• Invoice Processing: Manual processing of invoices leading to higher average handling time (AHT) and costs.

LTM Solution

LTM approached the customer with a comprehensive hyperautomation strategy, and successfully developed and implemented solutions for over 2000 use cases and more than 1000 bots. The salient features of the solution include:

• Process Discovery Framework:
  Identified the right set of automation candidates, based on customer requirements.
• Hyperautomation Platform:
  As the next step, we selected the appropriate hyperautomation platform.
• Process Standardization:
  Next, we standardized processes before scaling and transforming automation across LOBs.
• Hyperautomation journey: 

1.  Started with stand-alone RPA in 2015 and progressed to hyperautomation, including RPA, ITPA, IDP, Data Automation, Low-code/no-code, AI/ML, and Gen AI.
2.  Developed quick RPA solutions for over 200 use cases across various LOBs, including distribution services, trade processing, investor services, cash/ asset management, fund accounting, and invoice processing.

• Automation CoE:
  Established an Automation Center of Excellence (CoE) for central governance, achieving delivery excellence, and embedding best practices across LOBs.
• Key Partner Tools:

1. RPA: UiPath
2. IDP: Kofax
3. Data Automation: Xceptor
4. Low-code/no-code: Pega, Appian

Benefits

• 40% Reduction in Operational Cost
  Achieved through efficient automation
• 60% Reduction in AHT
  Faster processing times for manual tasks
•  20% Reduction in Enhancement Cost and Maintenance
  Lower costs for system enhancements and maintenance
•  99.99% Increased Availability/Uptime
  Achieved using high-availability (HA) architecture

The implementation of hyperautomation enabled the client to achieve significant operational efficiencies and cost reductions. By leveraging RPA in banking, the client not only streamlined processes but also enhanced compliance and governance, setting a benchmark for excellence in the financial industry.

To know more about how we can help you reduce delivery costs through hyperautomation, please contact us at EAuT.services@LTM.com