The bank’s board of directors mandated and authorized investment in standardization and automation, including Robotic Process Automation (RPA), Workflow and Artificial Intelligence (AI), to:
• Streamline end-to-end business processes
• Accelerate loan growth & improve margin
• Reduce loan origination cycle time
• Increase capacity for a future acquisition
• Mitigate frequent employee turnover
Solution: Over the course of 12 months, The Lab standardized work activities and implemented 40 bots in:
• Loan operations
• Deposit operations
• Treasury management
• Risk
• IT
• Finance
The bank had built its own automation team, but the board struggled to see the promised gains in operational efficiency or customer-experience benefits. They needed help generating:
• Valuable automation use cases
– Documented
– Quantified
– Prioritized
• An automation “road map” for the bank’s internal team
Solution: In just eight weeks, The Lab completed an enterprise-wide Discovery Project that:
• Mapped 10+ major, end-to-end business processes
• Evaluated more than 1,600 work activities
• Detailed a “shopping list” of 150+ automation use cases
The COO needed to add customers from a new acquisition to the bank’s FIS core platform quickly. But it would be at least 5 months before the bank’s core provider could help with post-merger conversion for:
• Customers
• Deposit accounts
• Mortgage loans
• Credit card accounts
• And more
Solution: The Lab implemented 6 bots in just 8 weeks to automate:
• Core data mapping for precise integration
• Flawless data transfer from Fiserv to FIS
The bank had recently acquired 6,000 loans. They needed to onboard these immediately but were short-staffed: a third of their underwriters had left as part of the “Great Resignation.”
Solution: In just 9 weeks, with 5 bots, The Lab automated loan onboarding, including:
• Adding new customers and loans into the core
• Uploading associated documents to imaging systems
The bank’s executive leadership knew they needed to automate, but weren’t sure where to begin. The CIO needed a low-risk way to:
• Rapidly implement RPA bots
• Build bank-wide momentum
• Jump start internal automation efforts
Solution: The Lab deployed a low-risk RPA Six-pack™ of bots across different departments to generate a groundswell of support:
• ATM Network Reconciliation
• Wire Transfer Processing
• Commercial & Consumer Loan
• HMDA Compliance
• New Hire Onboarding
• Brinks Reconciliation
The bank wasn’t sure if it was possible, but they wanted to automate work activities to set up new customers, e.g.,
• New-customer onboarding verification
• OFAC check
• Deposit account opening
Solution: In just ten days, The Lab performed an Automation Feasibility Assessment™ that:
• Recorded the client performing these tasks (via Zoom)
• Determined if & how the activities could be automated
• Documented future-state use case, ready for implementation
The Lab has helped banking clients at all stages of automation maturity. Whether you are deploying your first three or four RPA bots for a proof-of-concept, or seeking to discover all of the automation candidates in your bank, The Lab can accelerate your realization of bottom-line benefits.
Banks with 125 employees are much different from those with 3,500 employees. Similarly, banks in the $1 to $3 billion range face challenges different from those of a $15 billion bank. We’ve worked with banks of all sizes and know the likely snags.
CLIENT SIZE: EMPLOYEES
· 75 to 150 employees · 500 to 1,500 employees
· 150 to 500 employees · 1,500 to 10,000+ employees
CLIENT SIZE: ASSETS
· $1 to $3 billion · $10 to $20 billion
· $3 to $5 billion · $20 to $50 billion
The Lab remotely works from our Houston headquarters to map your entire organization’s business processes, analyze your existing system data, and deliver prioritized shopping lists of these available automations to you.
By engaging The Lab for a discovery initiative, you can expect 150+ automation candidates, 200+ process improvement and standardization opportunities, 75+ analytics and AI use cases to be discovered, quantified, and prioritized for your bank in about eight weeks. We can then implement as many or as few as you need.
The Lab not only works for you to discover automation opportunities within your bank, but we also have our own full-service RPA development and implementation team. Everything is U.S.-based from our offices in Houston; nothing is outsourced or offshored, ever.
Automate Banking Quality Control Reviews for Commercial Loans
The best way to appreciate the power of The Lab’s automation service offerings is to see for yourself. We invite you to book your free, no-obligation screen-sharing demo. In just 30 minutes, we’ll show you how we’ve helped to transform other banks just like yours. You’ll see real banking bots in action. And get all your questions answered by our friendly experts.
Call (201) 526-1200 or email info@thelabconsulting.com to book your free demo today!
