The client is one of the leading international banking and financial services companies, renowned for its wide-ranging presence in the global market. With an extensive portfolio of financial products and services, including retail banking, corporate banking, wealth management, and investment solutions, the company serves millions of customers across diverse markets.
The bank was grappling with the challenge of manually reversing waived-off charges that had already been debited to customers’ accounts. This process, though necessary for maintaining customer satisfaction and compliance, was cumbersome and inefficient. Each request involved multiple manual checks and validations, leading to long turnaround times and an increased likelihood of errors. As a result, customers experienced delays in receiving their charge reversals, which negatively impacted their overall satisfaction.
The complexity of this manual process was particularly taxing for key executives like the Chief Information Officer (CIO), who faced the dilemma of balancing operational efficiency with the growing demands of digital transformation. The CIO was under pressure to ensure that the company’s systems and processes could scale to meet both customer expectations and regulatory requirements, while minimizing operational costs. Additionally, the lack of automation was consuming valuable time and resources, which were better suited for more strategic initiatives. This inefficiency not only led to operational bottlenecks but also strained the bank’s ability to meet key performance indicators (KPIs) such as SLA compliance and customer retention rates.
Datamatics implemented a cutting-edge Robotic Process Automation (RPA) solution utilizing a multi-bot architecture to streamline the entire charge reversal process. The bots were designed to automate each step of the process seamlessly. First, the bots downloaded service requests directly from the CRM system, creating a comprehensive list of reversal tasks. They then logged into the core banking system, accessing customer accounts and verifying the necessary details.
The bots efficiently reversed the charges through multiple touchpoints in the system, ensuring accuracy at every stage. Once the charges were reversed, the bots closed the service request, updating the status in real time. This end-to-end automation eliminated manual errors, significantly reduced processing time, and improved overall operational efficiency.
Reduction in turnaround time
Improvement in productivity
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