Accelerating Core Banking with Intelligent Automation by Datamatics

One of India's premier private sector banks, renowned for its innovative approach to financial services and customer-centric offerings. With a robust presence across the country, the bank caters to millions of customers, providing a diverse range of banking solutions, including retail, corporate, and investment services.

The Challenge: Manual Dependency Issues

The bank encountered significant delays in processing credit limit extensions for its corporate overdraft facilities. With hundreds of requests flooding in daily, the lengthy turnaround time became a growing issue, especially as the bank struggled to meet tight Service Level Agreements (SLAs). The inefficiencies were not only impacting the bank’s ability to maintain SLAs but also risking customer satisfaction and long-term retention.

The process was mired in a heavy workload and excessive manual dependency, which significantly slowed down response times. As customer expectations continued to rise, the existing system simply couldn’t keep pace.

The CIO was at the forefront of this challenge, facing increasing pressure to modernize the bank’s operations and integrate automation to streamline these processes. The manual nature of the process was a roadblock to achieving the bank's goal of operational excellence and agility. With competition intensifying, the CIO knew that the bank needed a swift and effective solution to remain competitive. The manual inefficiencies were not only delaying responses but also increasing operational costs, forcing the CIO to seek a technology-driven solution that could meet the rising demands of customers and deliver better efficiency across the board.

The Solution: Transforming Operations with Datamatics RPA Suite

Following a comprehensive due diligence process, Datamatics identified considerable gaps in the bank’s existing automation setup. Recognizing the need for a more efficient solution, Datamatics implemented a combination of Robotic Process Automation (RPA) and Cognitive Automation to address the bottlenecks in the credit limit extension process.

The RPA solution was designed to handle the incoming credit limit extension requests automatically. By leveraging cognitive technologies, the system could intelligently interpret and process data from various sources, ensuring accuracy and consistency. The automation workflow was integrated seamlessly into the bank’s core banking system, enabling updates to credit limits across multiple touchpoints without manual intervention. This integration allowed for a smoother, faster processing of requests, drastically reducing the time it took to update credit limits from days to hours.

With these technological advancements, Datamatics not only improved operational efficiency but also enhanced the bank's ability to meet stringent SLAs and significantly reduced the risk of errors. The bank’s teams were able to focus on more value-added tasks, and customers experienced faster responses, ultimately leading to higher satisfaction and improved retention rates.