Automation of Trade Finance Is a Big Win for Banking and Finance Ops
The bank received 400 to 500 transaction requests daily in the form of unstructured data, which created a high volume of manual work for the operations team. The process was controlled by one large document, which referenced 20 different sub-documents. There was no system for tracking the data, monitoring employee performance or ensuring procedural governance. Because of regulatory requirements, the trade finance process contained 45 compliance checks, such as identifying fields which exist in multiple documents. With steadily rising volumes, accuracy was eroding and operations was under pressure to reduce costs.
The operations team at the bank used WorkFusion SPA to design and deploy a fully automated digitized process comprising RPA and cognitive automation to accept, classify and extract data and subsequently update internal systems with much greater speed and efficiency.
The customer designed, configured and deployed the entire process in 60 days.