TecQubes helped a large NBFC implement RPA to reduce costs and improve TAT

TecQubes helped a large NBFC implement RPA to reduce costs and improve TAT

Client

A large Non-banking Financial Services Company (NBFC) based in India

Problem Statement

The client was facing high turnaround time issues for most of the processes. There was a lot of dependency on the employees for mission critical as well as simple processes. This led to a lot of time delays and errors while executing the tasks. Thus, the client was looking at a solution that can reduce human involvement to a large extent aimed at reducing the processing costs, turnaround time as well as the associated errors.

Solution

TecQubes split the entire project into two phases viz. (a) creating the roadmap and (b) end-to-end RPA implementation. It first started exploring all the functional areas and created a comprehensive list of processes for each area of operation.  Then function-wise small, medium and long-term plans were created. This was followed by creating a company-level plan focusing on savings, ROI, implementation dates, etc.

 

In the second phase of the project, which is RPA implementation, the tasks included

  • Understanding and documenting requirements (PDD)
  • Creating Design (SDD), Development
  • UAT and Hypercare
  • Bot implementation for internal and external processes
  • Once bot is stable in production, it was moved to BAU

Project Outcome

Chatbots

Chatbots

Chatbots were implemented in the internal as well as customer-facing processes and were integrated with different channels like WhatsApp, Facebook, Hangouts, Slack, etc.
Internal

Internal (Employee-related):

Call center agents now use RPA tools to enhance the customer experience. As soon as they key-in the customer details, the bots in the backend search for the relevant documents in the repository and fetch them for the agents. As the agents are freed up from search and fetching tasks, they use this saved time to discuss new products with customers.
External

External (Customer-related):

With RPA tools, customer can perform self-service for many of their requirements without the need of an agent. This includes: checking loan eligibility, checking loan status, current principal amount pending, last EMI date, loan start date, interest rate, submitting loan application, submitting pending documents etc.

Benefits

Below are the benefits in terms of value generated and cost reduction

Value

  • Reduced the turnaround time across all processes involved
  • Reduced human involvement and dependency in mission critical processes
  • Reduced manual effort to gain efficiencies
  • Reduced manual errors

Cost reduction

More than 40% returns on investment (ROI) in the 1st year and reaching up to 60% in the 3rd year

Increase in top line

  • Sales revenue from call center agents increased
  • More automated channels (24x7) led to increase in sales and reduction in operating costs.
  • Simplified learning curve for new hires as chatbots handle the processing part

Comments are closed.