Case Study
A LEADING BANK'S TRADE FINANCE DIVISION'S EFFICIENCY INCREASED BY 400%
Services
To automate the Trade Finance procedures and finish the abandoned cases by the deadline
Industry
BFS
The Challenge
Manual Process:
To get rid of data entering mistakes
Time consuming:
To speed up the closing of bank guarantees (BG) and letter of credits (LC), which took 6 to 7 hours per day after office hours
Poor efficiency:
To increase the effectiveness of the process that needed a lot of FTEs
THE SOLUTION
The bank’s automation scenario was thoroughly examined by Innovya, which then deployed Robotic Process Automation (TruBot) in a multi-bot architecture.The following was the solution:
Auto-validation:
To verify the LC/BG data, including the LC number, Account number, etc., with the core banking system based on the specifications in the Excel file.
Pre-programmed logic:
Shut the LC/BG in the main banking system using a step-by-step, pre-programmed process that spans several touch points.
Conclusion
- Improved turn-around time (TAT), which was reduced by 96% from 6 hours to 15 minutes.
- 400% increase in process effectiveness was recorded.
- OpEx savings of almost INR 5.1 million were attained.
