How a Financial Services Firm Ensured Security During Remote Work

Remote work was once considered a luxury, before becoming an expectation, and now it’s a legal obligation in many places around the world. But we all know that there are quite a few tasks, particularly in data-sensitive sectors such as Finance, that can only be actioned through infrastructure available exclusively at the office. How can such businesses possibly continue to operate normally when employees are prevented from using the key office tools due to a government-ordered lockdown? Facing this precise dilemma, one prominent financial services provider turned to Laiye for assistance. With Laiye RPA, the firm was able to ensure business continuity during a nationwide lockdown and further maintain robust security to protect customer data.

The Challenge
A prominent financial services firm was inundated with a high volume of loan applications, particularly during the COVID period. The applications would take a great deal of time to be manually processed, requiring the loan officer to review the applicant’s credit history through a specific computer at the office and manually draft a report.

Understandably, complications arose when the country entered lockdown, thereby, making it difficult for employees to process loan applications since they could only do so via a specified computer at the office for security reasons. This significantly delayed the loan application process which already was rather sluggish, and given the sense of urgency and impatience amongst people during COVID-19, slow service was not received well in such a delicate time.

Solution
The firm worked with Laiye to achieve end-to-end automation, liberating staff from being shackled to the offices while ensuring confidential customer data remains securely protected.

Before RPA deployment, staff would have to:

1. Receive a request from a credit officer and manually enter the details on the registration form

2. Go to the office to use a particular computer with access to customers' credit database

3. Access the database and manually review the applicant's credit history and make a note of any outstanding payments.

4. Download the credit history file and produce a report.
5. Send all the relevant documents to the loan officer.

Laiye helped assign the RPA bot to the office computer with access to the customer credit database. After deployment of Laiye RPA, the automated process is as follows:

1. Upon receipt of a new message from the credit officer, the bot reads the message and extract critical information to input in the registration document.

2. The bot checks access the relevant database to review the customer’s credit history and flags any outstanding payments and reports any incomplete work.
3. After generating a report, the bot sends it along with the credit record to the credit officer who first sent the message.

4. Since the bot was assigned to the specific computer with database access, there was no longer a need for employees to be physically present at the office and review customer credit history.

Benefits

With the help of Laiye RPA, not only did the organisation overcome the business challenges arising from the mandatory nationwide lockdown, but also dramatically improved operational efficiency and achieved a ROI of 140%. The firm further observed a myriad of benefits including...

1. Higher productivity: Before RPA deployment, maximum 100 applications could be processed per day. However, after implementation of Laiye RPA, the average number of operations per day increased to a whopping 288%.

2. Faster processing: Before Laiye RPA, it would take approximately 3 minutes for each application to be processed. However, Laiye RPA reduced this dramatically to only 30 seconds per loan application. A huge difference!

3. Higher employee satisfaction: Employees were no longer needed to specifically attend the office for the sole purpose of processing loan applications since Laiye RPA bot would be there 24/7. Post-deployment, workers could action could comply with the lockdown policies and work from home, leading to greater satisfaction.

4. Greater security: Unlike human employees, RPA bots are less prone to errors and less vulnerable to security threats, making them the perfect workers to handle sensitive data such as a customer's credit history.

About Us

Laiye has rich experience in RPA + AI and helps businesses and people realize their full potential by optimizing the human-machine collaborative alliance with sophisticated, dynamic, productivity-enhancing digital, low-code "workforce solutions". Laiye delivers the deepest, most advanced AI/RPA/NLP solutions to help businesses become more efficient, effective, agile, and successful. And it frees people to focus on meaningful, innovative, mission-critical initiatives.

Core technologies include robotic process automation (RPA), process mining, natural language processing (NLP), conversational intelligence, text recognition, and image recognition.