Our client is one of the oldest financial institutions in the world with a presence in over 100 countries. They provide a host of services to retail banks, corporate banks, investment banks, and asset managers.
The trade finance system processed transactions from initial registration to final liquidation for more than 200 million customers worldwide. This system required manual interventions, which were time consuming and led to processing errors. The client was looking to improve the process and achieve automation that would lead to significant cost and time savings.
Virtusa conducted a gap analysis to understand and prioritize the processes that need to be automated and leveraged robotic process automation to improve audit confirmations, import payments, acceptance bookings, and loan liquidation.
- The bank was able to approve new trade finance requests three times faster than the traditional approach.
- Deterministic process automation enabled the bank to reduce headcount by 35% in phase one of the program
- Cognitive Process Automation enabled the bank to reduce headcount by 20% in phase 2
- Robust RPA program cut costs by 30%