INNOVYA TECHNOLOGIES

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.