Banking Workflow Automation
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The Canadian credit union faced inefficiencies and errors in processing transactions manually across its 50 branches, prompting the need for automation. KnowledgeTech developed a custom transaction and reconciliation application that significantly improved processing efficiency, reduced costs by 30%, and decreased errors to below 1%. The solution also enhanced customer analytics and satisfaction while enabling tailored marketing campaigns.
Banking Workflow Automation
- 1. Client Profile BANKING WORKFLOW AUTOMATION Organization Canadian credit union Business Needs The client was experiencing inefficiencies and errors during the daily Size processing and reconciliation of night deposits and other deposits made via ATMs. These business-critical workflows were carried out Almost 2,000 employees, manually and it had become clear that, to maximize efficiency and over $11 billion in assets, minimize human error, they would have to be automated. The 50 branches and around available off-the-shelf IT solutions for banking provided very limited 425,000 members transaction-processing functionality Industry Solution The client engaged Knowledgetech to create a custom solution. Financial services Knowledgetech delivered a transaction and reconciliation application (TARA), based on Microsoft Windows Advanced Server and SQL Based in Surrey, British Server. This application provided the client with: Columbia, the client is • A fully-automated transaction processing system one of Canada’s largest • A centralized data warehouse for all financial transactions credit unions. It has also been distinguished • A range of real-time customer analytics data as one of the best employers in the country. Benefits • Maximized efficiency by automating business-critical routines • Lowered transaction-processing costs by 30% • Increased the volume of transaction processing by over 300% • Decreased transaction-processing errors to less than 1% • Clarified understanding of customers, facilitating customization of products and the creation of targeted marketing campaigns • Improved both employee satisfaction and customer retention www.knowledgetech.ca 604-484-8099 © 2011 Knowledgetech – All rights reserved