Business Need
A leading global bank faced challenges with disconnected workflows, inefficient data updates, and long turnaround times (TAT), all of which contributed to a suboptimal customer experience. The bank sought to automate its workflows to reduce TAT, boost productivity, and improve overall efficiency—ultimately aiming to enhance the customer experience.
Business Challenge
Technological advancements have transformed the banking sector, making it more customer-centric and tech-driven. While technology enables banks to deliver seamless, 24/7 customer experiences, the client still relied on traditional, manual processes for updating account information. This resulted in:
- Unavailability of Structured Data: Limited access to organized data hindered efficient processes.
- Lack of Data on Overdue Accounts: Outdated methods delayed tracking of overdue accounts.
- Long Turnaround Times (TAT): Slower processes impacted customer experience negatively.
As a result, delays in updates led to unintended interest charges on customers, contributing to dissatisfaction. The bank aimed to automate workflows to:
- Enable Real-Time Tracking: Streamline the collection process for increased efficiency.
- Segment Overdue Accounts: Classify overdue accounts based on reasons provided by customers during contact, reducing TAT.
Business Solution
NuSummit’s team, equipped with in-depth capital market knowledge and technological expertise, understood the client’s requirements and re-engineered their monolithic processes. We created a digital-ready application landscape by leveraging data architecture and automation to support core banking transformation initiatives.
NuSummit delivered a just-in-time workflow automation solution to establish a seamless process that captures, validates, and segments customer and overdue account data in real-time. The solution also flags missing information and notifies the appropriate team (or third-party) about overdue accounts.
Our automation solution helped the bank integrate systems and reduce manual tasks through the following features:
- Web/Mobile Interface
- Workflow Management
- Rule Engine for Auto Allocations
- API Integrations
- Dashboards
- Geo-Tagging
Tech Stack
Database Management:
- Microsoft SQL Server
Frontend Framework:
- Angular
Backend Framework:
- Microsoft .NET
Business Impact
The automation of the client’s workflows simplified processes, improved efficiency, reduced costs, and enhanced compliance through established audit trails. Importantly, it also enabled the bank to capture customer feedback, thereby elevating the customer experience. Additional benefits included:
- Complete TAT Adherence: Ensured timely processing and adherence to set timelines.
- Money Traceability: Enhanced transparency and traceability of funds.
- Increased Database Capacity: Allowed for efficient data management and storage.
- One-Time Settlement: Streamlined settlement processes.
- Automated Reconciliation: Improved management of MIS and reporting processes.
