Credit Card Collections
Challenge
Our client in the banking sector has to process a list of customers who neglected to pay their credit card bills. A timely notification is sent automatically to the customers on their due date by the back end business application. If the bills are settled by the customers, the back-office team would process this list and debit the due amount from the customer’s account. This was a complex process which was carried out using various systems. However, due to the available credit in these accounts, the number of unpaid bills turn to be high, and this increase the bank’s administrative workload and costs.
Solution
SmartView’s RPA solution was implemented to automate this process, while focusing on improved performance and zero error rate:
1. The BOT was trained to extract the list of customers from the system application daily
2. Process each customer from the list one by one by checking their account balance
3. Debiting the amount from the account against the bill amount
This task was carried out in almost real time running on multiple system. BOTs were trained to identify and take future actions on cases like forward the unidentified case to the customer agent, debit the due amount and even block the card by based on business rules.
Results
1. Now 95% – 99% cases are processed by the SmartView Bot compared to 30% when done manually
2. Saved 60% of the processing cost with 100% accuracy
3. Allowed the employees to focus on higher-value tasks
4. Optimizing this process using RPA lead to improved ratings
