Automation in financial services: Real-world success stories

Manual processes and missing data are still significant challenges for financial firms.

A recent Banking & Capital Markets Survey by Deloitte showed that:

• An overwhelming number (92%) of respondents said data is unavailable or takes too long to retrieve

• 88% said available data is from different sources, duplicated and not integrated

• 81% said available data is of poor quality

When asked about optimizing internal and external data via automation, 67% of the respondents said they were utilizing automation to optimize the data, but a lot more needs to be done. Another 19% said they weren’t optimizing the data with automation.

Is your financial institution struggling with inefficient, manual processes? Hyland’s intelligent solutions help organizations accelerate business processes, reduce errors and costs, and deliver exceptional customer experiences.

Here are just a few examples:

Use case: Debit card disputes

Challenges they faced:

• As the credit union grew, the number of debit card transactions significantly increased, and disputes almost doubled.

• The process Redstone used to resolve the disputes was highly manual. The process relied on a member of the security and investigations team to complete each step, which meant the credit union needed several business days to issue a credit.

• As a result, member experience suffered, and the credit union found it challenging to effectively communicate with members.

Automation in action

Redstone started by digitizing its in-branch dispute process with Hyland OnBase. By no longer requiring members to physically sign forms and eliminating the need for employees to make multiple trips to the printer, the credit union saved almost 2,000 hours per year.

Redstone then created a self-service tool in which members can dispute a charge via a fully digital process. Later, the credit union launched a multiphase plan to automate the processing of provisional credits with OnBase. By automatically posting journal vouchers, which are used to document provisional credits, the credit union saved nearly 1,100 hours per year and reimbursed members much sooner.

Key results

• Time and cost savings: Members receive an email within 30 minutes of a dispute being submitted. The automated process is saving Redstone more than 5,100 hours — the equivalent of more than three full-time employees — per year.

• Enhanced member experiences: Reducing the time it takes to issue a provisional credit from five or more business days to minutes has produced a cumulative annual wait-time reduction of more than 33,000 business days for the credit union’s members. Redstone also generated a 329% increase in funds recovered over a three-year period.

• Fraud protection and compliance gains: Redstone is automating the detection of repeat dispute requestors, and the reimagined processes are supporting efforts to comply with requirements to issue provisional credits within set time frames.

> Learn more | Hear how Redstone transformed its debit card dispute process

Use case: Document management

Challenges they faced:

• The bank’s document storage system was being sunset, and it needed an enterprise-wide content management system that could easily integrate with core applications.

• The bank’s loan services processing was manual and paper-based, resulting in delays.

• Treasury management, an essential offering for the bank’s corporate customers, was being impacted by the time it took to process requests. The onboarding process took five-plus days and involved paper, email and network folders.

Automation in action

The bank identified 45 requirements for replacing its legacy system, and it became clear it needed to manage its content in the cloud, which would be more efficient and cheaper to maintain than its on-premises solution.

ANBTX now deploys OnBase in the Hyland Cloud to automate processes, securely manage documents, solve business problems and empower employees to focus on customer service. With the help of Hyland’s managed services, the bank migrated 2.5 million documents to the cloud.

The bank later added WorkView, Hyland’s low-code application builder, to create solutions and address challenges with speed and agility.

Key results

• Improved lending processes: ANBTX created OnBase workflows to automate loan onboarding, collateral tracking, insurance and escrow. The bank’s mortgage warehouse loan process was reduced from two hours to fewer than 20 minutes per day.

• Treasury management gains: Via WorkView, the bank incorporated DocuSign, reducing a five-day process to less than a day.

• Regulatory compliance support: The bank created a new workflow to transform its review-and-approval process for Regulation CC holds. The bank’s ability to create new applications and workflows in-house has also helped it solve compliance and regulatory audit challenges.

> Learn more | Hear how ANBTX is making the most of automation

Use case: Process automation

Challenges they faced:

• Late payment fee waiver requests often took three to five days and generated high inbound call volumes. Agents manually logged requests, and operations teams reviewed each case before applying a waiver.

• Clients requesting to recall payments made to other banks was also a time-consuming, error-prone process. As the number of customers increased, so did the requests, which put a strain on a process that required coordination and handoffs between multiple teams.

Automation in action

Hyland Alfresco now plays a central role in orchestrating operations across Trust Bank. Integrated with core banking systems, it acts as the automation engine behind several internal processes and key customer journeys. This helps Singapore’s first digitally native bank deliver speed, consistency and control at scale.

Key results

• Self-service efficiency: Trust’s late payment fee waiver requests are now a self-service journey powered by Alfresco. The bank has incorporated automated decision logic — replicating checks once done by staff — to provide real-time decisions to customers, and approved waivers are credited within 2-3 minutes.

• Improved customer and agent experiences: Call center volumes for the waiver requests dropped 70%, freeing agents to focus on more complex requests.

• Resolutions in minutes, not hours: Trust has reimagined its workflows for payment requests. Information is automatically ingested, creating a case in Alfresco, and the bank’s customer service portal orchestrates actions across teams. A templated recall email is then auto-generated and sent to the other banks within 2-3 minutes of the client’s request.

> Learn more | “Robust and adaptable” workflow engine is ideal fit for Trust Bank

Automation is playing an increasingly critical role in financial firms’ enterprise strategy. To keep up, institutions need to adapt and evolve with the competition.

Hyland can help your financial institution intelligently automate manual tasks, high-volume processes and complex workflows to transform employee and customer experiences.

Interested in learning how we empower organizations with content, process and application intelligence solutions? Chat with us now.