Typical workflow with potential areas of automation
Automation opportunities in client data remediation
- Step 1: The first step involves reviewing the existing client data for risk scores and last review date to create prioritized list of clients. This can be a system generated activity with a case-management rules built-in.
- Step 2: This step involves examining the clients due for review for business activity and deactivating the ones who haven’t done any business over the last one or two years. This process can be automated by software robotics.
- Step 3: This includes reviewing steps like document status checking, client vendor data review leading to approval, rejection or seeking additional information. These can be performed by software robots
- Step 4: This step involves the final update of client status on various systems which can be implemented by software robots.
- Faster remediation at a lower cost
- Better client and front-office experience
- Cleaner client data reducing business risk