Digital Transformation, Cloud Technologies, BI & Analytics, IoT, AI Services

About the Client

Our client is one of the largest community banks headquartered in Florida, with more than $5 million assets and 500+ employees. The company provides individuals and businesses in the U.S. and internationally with a diverse portfolio of financial solutions, including deposit, credit, and wealth management services. The client maintains several banking centers in Florida and Texas and a loan production office in New York.

Client Challenges/Pain Points

Since the last financial crisis, the banking industry has faced a tidal wave of new or changing regulations that created significant troubles.

Banks are grappling with the increasing activity, complexity, and paperwork required to comply with ever-evolving rules and audits aimed at preventing money laundering, tax evasion, or activities that are illegal, suspicious, or don’t adhere to a bank’s ethics and policy.

The banking industry spends an enormously high amount per year on compliance, with 10% or more of the typical bank’s operating costs attributed to compliance activities. Based on current trends, regulatory costs are expected to double by 2022 – making it imperative that banks adopt a more strategic approach to tackle rising costs, legacy technology, and regulatory compliance.

Some regulatory requirements demand meaningful insight and analysis in close to real-time. New technology and business models are also causing customer expectations to change, with significantly less tolerance for preventable errors and inappropriate business practices.

The pandemic has made the situation even more challenging, as banks struggle to perform the predominantly paper-based activities in place to achieve compliance with a remote workforce.

Our Solution

The Robotic Process Automation (RPA) from Reliant Vision helped the bank mitigate pain and reduce risks for many compliance and auditing processes like anti-money laundering and “Know Your Client” operations – streamlining high-volume, standardized, rules-based processes that are prone to human error.

Our client used RPA to improve the compliance process targeted by the audit in the most cost-effective, accurate, and efficient manner. Reliant Vision’s RPA team worked with the client to identify the specific terms, items and covenants that required verification across every credit product offering.

Technologies Used

The primary technologies used in RPA are screen scraping, workflow automation and artificial intelligence.

Customer Benefits

The client realized significant benefits from automating the compliance process for ensuring information underwritten by credit officers matched existing data in the ERP system. The RPA advantages for the client were:

  • 50% higher productivity
  • Improved accuracy
  • Reduced costs
  • Increased efficiency