Robotic process automation reduces fraud and disputes costs at a global financial services company

THE CHALLENGE

Reducing data entry errors and accelerating response times for fraud and payment services disputes

A global financial services organization incurred significant overhead costs processing, monitoring, and tracking fraud and disputes for its payment services division. Its 30-person global team moved a significant portion of the workload to low-cost locations offshore to reduce costs, but the transactions were still plagued by data entry errors and inadequate response times.

THE TRANSFORMATION

Imagining IT Differently

The multi-step strategy consisted of these phases:

• Design—First, UST assessed all processes in the fraud and disputes function. Next, we verified savings potential and achievable goals. We worked with the company to prepare a full business case and implementation plan.
• Develop—UST led the company team’s selection and implementation of a robotic process automation (RPA) toolset, providing advisory services, templates, and a robust methodology. We trained the company’s personnel in use of the tool and best practices for configuration and deployment of the automated processes.
• Deploy—Next, UST co-built the first wave of automations with the newly-trained company team. We provided mentoring as processes were developed.
• Deliver—UST provided procedures and techniques for automation architecture, logic creation and testing for the automated fraud and dispute processes, which were subsequently deployed to production.

THE IMPACT

Future Made Possible

Despite moving much of its work offshore, transactions suffered data entry errors and inadequate response times. UST worked with the company to ensure zero errors in fraud and disputes by designing and deploying robotic process automations, enabling savings in money and full-time employees (FTEs) along with these business benefits:

• The company experienced improvements in its fraud and disputes process.
• It reduced errors and improved response time thanks to the new automations.
• The company was able to complete wave one in 12 weeks, resulting in six automated processes deployed and fast return-on-investment.
• Twenty-one out of the 30 full-time employees (FTEs) were re-purposed to other tasks.
• The company achieved $1.4 million in return-on-investment savings in three months.

RESOURCES

https://www.ust.com/en/what-we-do/digital-transformation/automation

https://www.ust.com/en/smartops

https://www.ust.com/en/industries/tmt-technology