Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
May 3, 2024
May 3, 2024 (Toronto, ON) – Blanc Labs, a leader in Lending Technology, AI, and Business Process Improvement, is excited to announce a strategic partnership with TCG Process, leveraging their DocProStar platform to transform lending operations for mid-tier banks, credit unions, and other mortgage origination and servicing providers in Canada. This partnership marks a significant milestone in Blanc Labs’ mission to enhance operational efficiencies and unlock new revenue opportunities for lenders through cutting-edge technology.
Blanc Labs’ Intelligent Automation Methodology, designed by seasoned experts, pinpoints and addresses critical areas for improvement within document intensive workflows. The solution seamlessly integrates with existing technology infrastructure, enabling rapid deployment and immediate impact on operational efficiencies, with minimal investment.
“Rapid advancements in powerful new AI technologies like LLMs are further unlocking opportunities to move away from manual, data heavy workflows that cause frustrations for customers and lending teams alike,” said David Offierski, VP of Partnerships for Blanc Labs. “We are seeing a significant shift from the manual ingestion of customer information to a much more efficient and automated workflow solution, allowing stakeholders to improve both customer and employee experience while reducing operational costs.”
TCG Process’ DocProStar provides intelligent document ingestion, orchestrated processing and powerful AI capabilities that will enable Blanc Labs to quickly deploy advanced, cost-effective, and scalable solutions to meet the unique needs of lending teams.
The collaboration between Blanc Labs and TCG Process signifies a joint commitment to deliver innovative solutions, leveraging cutting-edge technologies to streamline lending processes. The opportunity is clear: to create a more seamless experience for customers, tailored to the unique needs of the Canadian lending market.
“Our partnership with Blanc Labs is more than just technology—it’s about shared expertise and collaboration. By combining our strengths, we will provide industry leading solutions that cater to the diverse needs of the financial services sector.” Joseph Capone, Chief Revenue Officer, TCG Process (Canada).
Hamid Akbari, CEO of Blanc Labs, said, “The use of technologies like DocProStar and our Kapti platform can greatly improve compliance, increase customer retention, reduce servicing cost, and boost revenue in the lending sector. Our deep expertise in lending technologies, and especially intelligent processing of mortgage documents, enhances our role as a transformation partner.”
Blanc Labs operates with agile, expert teams, ensuring that clients typically see a return on their investment within 12 months. The company remains dedicated to its role as a pivotal player in lending industry transformation.
ABOUT BLANC LABS
Blanc Labs is a preferred partner for enterprises looking to digitize and build the next generation of technology products and services. To help companies rapidly deliver on their digital initiatives, Blanc Labs has developed expertise and bespoke solutions in a wide variety of applications in financial services, healthcare, enterprise productivity, and customer experience. Headquartered in Toronto, Blanc Labs serves the Americas through operations in Toronto, New York, Bogota, and Buenos Aires. For more information on how Blanc Labs is building a better future, visit www.blanclabs.com.
ABOUT TCG PROCESS
TCG Process, with headquarters in Switzerland, is an international organization that develops and integrates input management and intelligent process automation software. Its solutions are used in industries such as banking, insurance, healthcare, government, and public administration to digitize and automate document-driven processes. TCG Process sells both directly and via partners globally. Visit www.tcgprocess.com
For media inquiries, please contact:
Shriya Ghate
Senior Marketing Manager
Blanc Labs
E: shriyag@blanclabs.com
Tracy Weller-McCormack
Head of Marketing, Canada & Australia
E: tracy.mccormack@tcgprocess.com
The Transformative Influence of Large Language Models (LLMs) on Document Processing
Financial Services | Business Process Improvement | Enterprise Automation
BPI in Banking and Financial Services in the US & Canada
April 23, 2024
Banking and financial services are evolving at immense speed. Transitioning from traditional, paper-based processes to digital and AI-powered processes is critical to survival. That’s why you need to think about business process improvement in banking and financial services.
Business process improvement comes with a price tag. You need experts on your team, a culture centered on continuous improvement, and a powerful set of automation tools. But these tools offer extensive benefits as well. For example, Accenture estimates that automation and augmentation can help save financial services firms $140 billion and banks $70 billion.
Revolutionizing Banking and Financial Services Through Business Process Improvement
Banking and financial services firms have grown tremendously through business process improvement. Look back at your own organization’s past. You likely had to radically redesign processes to bring about any revolutionary change in your organization. From developing a mobile app for your bank to building your ATM network, all changes were a result of improved, more efficient processes.
The next leg of growth in banking and financial services requires using technologies like AI and natural language processing (NLP) to reduce costs, increase efficiency, and improve customer experience.
These technologies will help you stay ahead of the curve and improve your workflow. However, implementing technologies like AI, Gen AI, and Robotic Process Automation (RPA) requires experience and expertise, so find the right partner for smooth implementation and minimal disruption.
Let’s now dive into how you can plan to improve business processes to prepare your financial institution for the future.
BPI vs BPM
Business Process Improvement (BPI) and Business Process Management (BPM) are two distinct but complementary approaches within organizational process optimization. BPI is primarily concerned with improving the efficiency and effectiveness of specific processes. It involves identifying, analyzing, and enhancing existing business operations to reduce costs, improve service delivery, or increase quality. On the other hand, BPM takes a broader view, focusing on the entire set of processes within an organization. It integrates all aspects of process management—from design and modeling to monitoring and optimization—with the goal of aligning processes with the strategic objectives of the organization. While BPI zooms in on process improvements, BPM includes holistic management of all processes to ensure coherence and alignment with overall business goals.
Financial Processes That Need Improvement
There’s plenty of room for improvement in financial processes as we know them today. AI and RPA technologies have opened doors to a whole universe of process improvements that were previously unimaginable. Here are some examples of processes you should consider working on when implementing BPM:
Customer Onboarding
Onboarding sets the stage for your relationship with the client. Customers who have a positive experience when opening their bank account are 73% more likely to become the bank’s promoters.
Improving your onboarding process by implementing a fully digitized workflow eliminates the need to manage piles of paperwork, errors, and delays. A frictionless onboarding experience doesn’t just attract new customers; it also builds a solid reputation and loyalty among customers.
Customer Support
The modern customer wants their bank or financial institution to respond within seconds and be available 24/7. Not delivering on these expectations is essentially the same as handing your clients to competitors.
Intelligent Digital Assistants (IDAs), next-gen chatbots powered by AI, “are fully equipped with natural language understanding which aids in understanding and retaining context for polished conversations while carrying out a variety of tasks to fulfill a user’s requirements.” They act as “knowledgable bankers” who not only understand the unique journeys of customers, but are also able to recommend products, offers and next steps based on their knowledge of a customer’s past behavior and financial history.
Risk and Compliance Management
Tailoring business processes to minimize risks and comply with industry regulations helps prevent penalties as well as lower your compliance team’s workload. For example, you can create a digital workflow that provides real-time (or frequent) tracking for compliance requirements as well as detailed compliance reports.
Analytics can play a key role in bolstering your bank’s or financial institution’s risk assessment capabilities. AI-powered systems can ingest massive amounts of data your organization generates to identify patterns. The system can detect anomalies and predict risks using this data.
Loan Approvals
Loan origination systems are often plagued by labor-intensiveness, errors, and a ton of paperwork. Automating your loan origination system can transform your efficiency and the customer’s experience.
If your organization currently uses traditional processes, consider completely reengineering the process. Modernizing your lending process, right from eligibility checks to approval, is important not to develop a competitive advantage, but to survive in an environment where quick approvals and disbursals are the norm.
CASE STUDY
Revolutionizing Payment Processes at Trez Capital
Revolutionizing Payment Processes at Trez Capital
Trez Capital is a Vancouver-based diversified real estate investment firm that manages assets worth $5.3 billion. Accounting teams at Trez face challenges with the daily influx of numerous payment disbursement requests, delivered in varied data formats. This reliance on manual processes and email for document handling and approvals extends disbursement cycle times, affecting efficiency and customer satisfaction.
Trez Capital has partnered with Blanc Labs to enhance their payment disbursement workflow through Business Process Improvement (Phase I) and Intelligent Automation (Phase II), promising better operational efficiency and reduced incidents.
Implementing Business Process Management in Banking and Financial Services
Changing and managing business processes is easier said than done. Your team might need to unlearn and relearn. You might have to deal with reluctance and proactively offer training to help them get up to speed.
However, there’s an even greater challenge — implementing the right set of technologies and building the right infrastructure. That’s why you need a partner who has experience helping banks and financial services firms implement technologies to improve business processes.
With that in mind, here’s an overview of how you can implement business process management:
Step 1: Identify Key Processes
The first step is to identify key processes within your bank or financial institution that could use some improvement. The process could be onboarding, loan processing, risk assessment, or customer service.
Consider asking employees — people on the ground executing these processes — how you can improve. Identify their pain points and bottlenecks and prioritize areas for optimization based on your analysis.
For example, if your bank’s loan origination process is lengthy and has high error rates, fixing that should be your priority over streamlining your support processes.
Step 2: Map Your Processes
A process map gives you an overview of the entire workflow and the steps involved in the process, including stakeholders, decision points, and the flow of information. A visual representation of your process helps you understand its current state, identify inefficiencies, and find opportunities to improve the process.
Step 3: Optimize Processes
Once you’ve identified inefficiencies and redundancies, it’s time to eliminate them. The exact solutions to implement depend on the challenge you’re addressing. However, automation and standardization are the first steps towards optimizing processes.
If you’re thinking to yourself, “We’ve already automated repetitive tasks,” that’s not enough. Use AI to automate some tasks you previously thought were best handled by humans.
For example, don’t use scripted chatbots that make customers feel like they’re talking to a robot. Find a partner who can develop a chatbot powered by technologies like AI and Gen AI. AI-powered chatbots can personalize conversations and interact just like humans.
If you’re not using AI, you’re already late to the party — Bank of America has been using its AI chatbot, Erica, since 2016. Bank of America claims that Erica has been able to provide more than 98% of its clients with the answers they need.
Step 4: Monitor and Improve
Optimizing business processes is not a one-off task. It’s an ongoing journey. Measure the results your optimization efforts yield with process metrics like cycle time, error rates, and customer satisfaction.
You can use AI-powered data analytics to gain deeper insights into process performance and find areas that require further improvement.
For example, if you recently optimized your loan origination process, use data analytics to monitor processing time.
Has it improved to the extent you expected? If not, use data to find out why. Is the optimized process still prone to errors? Or is your team still going through the learning curve?
The Role of Automation in Improving Financial Processes
Automation plays multiple roles in improving banking and financial processes. Here’s a quick overview of why automation is vital to your business process improvement initiatives:
Say goodbye to repetitive tasks and errors: You don’t need to spend thousands of dollars on data entry, reconciliations, and reports. Automation can perform those tasks more efficiently than humans and doesn’t make mistakes. Moreover, software allows you to keep costs under control even as you continue to scale.
Enforce standardized processes: You can create all the SOPs (standard operating procedures)you want. But there will always be someone trying to take a shortcut. Automation helps you achieve consistency in executing standardized processes — you can impose rules through your automated system to eliminate deviations from a standardized process.
Greater efficiency: Automation helps you multiply productivity. The more productive your bank or financial institution is, the more loans you can process, accounts you can reconcile, reports you can generate, and customers you can onboard without compromising on accuracy.
Improved customer experience: One of the biggest roles of automation in business process improvement is tailoring your processes to meet the customers’ needs. Automation allows you to personalize processes, eliminate errors, offer convenience, and deliver fast experiences at scale.
Deeper insights: Automating data collection and reporting helps you derive value out of the massive volume of data financial institutions generate. AI-powered analytics help you spot patterns and detect outliers. For example, if there’s fraudulent activity in a customer’s account, AI can pick up on that. Analytics also helps you make data-driven decisions, predict customer behavior, and assess risk exposure.
Improved customer experience: Automation allows you to improve customer experience across channels. Your AI chatbot can deliver personalized responses, analytics can help you predict customer behavior, and streamlined onboarding helps you make a great first impression.
Revolutionize Financial Services with Business Process Improvement
Let’s face it. Redesigning business processes comes with risk. However, the risk-reward ratio is in your favor when you use the right technologies and work with a team of experts. Strategic business improvement can transform your customer experience and generate massive cost savings for your business.
Blanc Labs is committed to helping partners succeed through the use of cutting-edge technologies. Our approach can help you redesign processes in a way that fits your business’s needs.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
These are not your grandmother’s models: the impact of LLM’s on Document Processing
January 22, 2024
Document Processing before LLMs
Document processing primarily relies on rule-based systems and keyword matching, which can be effective for structured or even semi-structured documents with predictable formats. However, this approach often struggles with unstructured data, where variability and complexity are high. In contrast, Large Language Models (LLMs) bring a transformative approach to document understanding. They leverage advanced natural language processing (NLP) techniques, enabling them to comprehend context, semantics, and nuanced language variations in documents.
In the ever-evolving world of data science and enterprise automation, the explosive growth of unstructured data generated by companies has been a major challenge for data scientists. To give you a sense of scale, recent studies show we’re likely to witness a surge from 33 zettabytes in 2018 to a predicted 175 zettabytes by 2025. Furthermore, according to Gartner, unstructured data currently represents an estimated 80 to 90 percent of all new enterprise data. Unstructured data can include conversations through e-mail or text messages, but also social media posts, blogs, video, audio, call logs, reviews, customer feedback, and replies in questionnaires. This trend spotlights an urgent need for more sophisticated tools to create value from this burgeoning data deluge.
Our team has over 5 years working with various OCR and NLP technologies, including having developed and training models in-house. Don’t get me wrong, IDP tech has come an extremely long way and the tools have gotten tremendously powerful. Libraries such as Amazon Textract (among many others) provide ML engineers a powerful suite of tools to accelerate the speed and quality of applying intelligent document processing to automation scenarios.
However, there are still limitations to how IDP can be adopted to a range of automation scenarios that we encounter in enterprise environments.
Think of traditional models document processing tech as a diligent yet somewhat myopic librarian, meticulously following rules but often missing the bigger picture. In contrast, Large Language Models (LLMs) are like Sherlock Holmes — insightful, context-aware, omnipresent, and adept at deciphering the most cryptic of texts.
This results in several key benefits and improvements:
Enhanced Comprehension
Traditional Method: Typically relies on keyword spotting and pattern recognition. For example, extracting dates or specific terms from structured forms.
LLMs Approach: Goes beyond mere pattern recognition. It interprets language nuances and intent, essential in contexts like financial and legal document analysis where the meaning of clauses and data can be complex.
Flexibility with Unstructured Data
Traditional Method: Struggles with documents like unstructured emails or reports, often leading to high error rates or the need for manual intervention.
LLMs Approach: Excel in handling unstructured formats. For instance, in customer service, LLMs can analyze and respond to diverse customer queries that vary in structure and content, easily extract information from employment letters or mortgage commitment statements.
Dealing with unstructured data, which includes everything from casual emails to social media chatter, videos, and customer feedback, is not a trivial matter. This kind of data resists neat categorization and defies traditional database structures, posing significant challenges in analysis and comprehension. Here’s where Large Language Models show their mettle, adeptly navigating this complex, non-uniform data and unlocking valuable insights that conventional methods might miss.
Adaptive Learning
Traditional Method: Updating rule-based systems for new formats or languages is time-consuming and resource-intensive.
LLMs Approach: Can continuously learn from new data, adapting to changes in language usage or document formats without extensive manual reprogramming.
Error Reduction
Traditional Method: Prone to errors in cases of ambiguous or context-heavy information, resulting in lower reliability.
LLMs Approach: Their deep contextual understanding leads to more accurate data extraction and interpretation, crucial in high-stakes industries like legal, financial and healthcare.
A Practical Example
ChatGPT 4, without any specific fine tuning or pre-training is able to easily extract information from a document it has never seen before. It understands the context and you can simply query in a natural way for data points that you are interested in:
*
* Note: we take data privacy and PII seriously (see below) and created “spoof” documents for the purposes of this demonstration.
For instance, by asking direct questions such as ‘What is the policy end date?’ or ‘By what margin has the insured amount varied?’, it promptly delivers precise information with perfect accuracy.
This scenario offers the opportunity to further explore solutions that leverage the unique capabilities of LLM’s for the purposes of intelligent document processing and automation.
Generative AI-Powered Extraction and Comparison of Insurance Policy Documents
In the previous section, we delved into the capabilities of Language Learning Models (LLMs) in streamlining the extraction of key information from various document types. To demonstrate this further, we now present a practical application of our system.
The first part of the demonstration involves uploading the initial insurance policy, which acts as our benchmark document. Watch how the system seamlessly processes this document, effortlessly extracting critical details such as the policy number, coverage specifics, the insured party’s information, and other essential data.
Next, we upload a second document representing a modification in the policy. It not only extracts pertinent information from the new document but also conducts an intelligent comparison with the original policy. Notice how the system highlights the changes in the date and insurance limit. This comparative analysis is vital to ensure comprehensive and accurate updates of all modifications and their implications.
To enhance the efficiency of such systems, integration with existing databases and cloud storage services is key. Utilizing APIs, these systems can automatically retrieve documents from various sources such as cloud storage (like AWS S3, Google Cloud Storage), internal databases, or even directly from email attachments. This integration enables real-time processing and updates, ensuring that the latest documents are always analyzed and compared.
The Role of Retrieval-Augmented Generation (RAG) in LLMs
For more context specific answers and solutions, Retrieval-Augmented Generation represents a significant advancement in the capabilities of LLMs. It’s another step forward on this never-ending roller coaster!
Enhanced Accuracy and Relevance: RAG combines the generative power of LLMs with information retrieval, pulling in relevant data or documents to provide contextually accurate responses. This is particularly beneficial for financial analysis and reporting, where accuracy is paramount.
Dynamic Data Integration: Unlike traditional LLMs, RAG can integrate real-time data, offering dynamic responses to financial queries. This is essential in finance, where market conditions and regulatory environments are constantly evolving.
Customized Financial Advice: RAG’s ability to retrieve and process vast amounts of data allows for highly personalized financial advice, tailored to individual customer profiles and market conditions.
Improved Compliance and Risk Management: In the regulatory-heavy landscape of financial services and healthcare industries, RAG can efficiently process and cross-reference internal and external data sources including detailed regulations and requirements. We believe that there is a huge opportunity to automate regulatory, risk, and compliance checklists to reduce complex manual efforts that exist in regulated industries.
Potential limitations of deploying LLM’s for document processing (at scale)
While LLMs are highly likely to revolutionize document processing with, it is important to consider potential limitations as well. LLMs are like a double-edged sword, powerful in processing vast amounts of data but requiring careful handling to address privacy concerns and manage computing resources.
Privacy and Personal Identifiable Information (PII): LLMs are capable of processing vast amounts of data, including confidential or proprietary information as well as PII data. Organizations must work within data security frameworks and engineer solutions that have data security at the core of how they are designed and deployed. As a SOC2 Certified company, this is an area of key focus for our teams and we have implemented robust data handling and processing protocols to ensure that all PII is managed securely and in compliance with privacy regulations.
Computing Power and Cost: The potential impact offered by powerful LLMs to read and extract data from large volumes of unstructured data is reliant on the on substantial computing power required to run these models. We are still in the early stages of enterprise adoption of generative AI technologies and the economics of leveraging these toolsets at an enterprise scale are fairly dynamic. We expect a lot to change over the next few years but in the meantime, we are actively working with clients to understand the business drivers of using LLM’s to automate processes. With our deep background in intelligent document processing we’ve become experts at crafting solutions that optimize model efficiency without compromising performance. We employ techniques like model pruning, efficient data processing pipelines, and cloud-based solutions that balance computational demands with cost-effectiveness.
Conclusion
LLMs and RAG are the vibrant threads bringing new patterns of efficiency, accuracy, and innovation. We’ve journeyed from the meticulous yet narrow pathways of traditional methods to the expansive highways of AI-driven solutions. This evolution isn’t just a step forward; it’s a quantum leap into a future where data isn’t just processed but understood, where advice isn’t just given but tailored, and where compliance isn’t just followed but mastered.
The advancements in unstructured data analytics signal a critical shift in our approach to data. It’s not just about the volume; it’s about the untapped potential that lies within. This raises a compelling question: how can we leverage unstructured data to gain a deeper understanding of our customers, societal trends, and the world at large? The key lies in harmonizing cutting-edge AI tools like Large Language Models with human insight, transforming this wave of data into insightful and actionable knowledge.
At Blanc Labs, we specialize in tailoring AI solutions to the specific needs of the Canadian financial and healthcare sector. Our expertise in AI, automation & digital product development positions us to assist in harnessing the power of LLMs and other AI technologies. We provide customized solutions for intelligent document processing, intelligent automation, and enhancing customer experiences, ensuring compliance with industry standards and regulations.
Explore how Blanc Labs can assist your organization in navigating and succeeding in the digital era.
Luciano Lera Bossi is a skilled Engineer with 15+ years of success in tech, specializing in Intelligent Automation, Low Code/No Code and Agile Project Management. He enables effective communication between technical and business stakeholders, resulting in seamless project outcomes.
Related Insights
Financial Services
Business Process Improvement
Enterprise Automation
Whitepapers
From Chaos to Clarity: Achieving Operational Excellence through Business Process Improvement
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Meet our new BPI CoE Lead, David Liu! Learn about how he plans to craft efficient processes for enterprise customers and what inspires him to innovate.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
Financial Services | Business Process Improvement | Enterprise Automation
From Chaos to Clarity: Achieving Operational Excellence through Business Process Improvement
January 18, 2024
Generative AI and Automation: Are you implementing them effectively?
The emergence of exponential technologies like Generative AI has sparked enthusiasm among companies and executives, who see the potential for enhancing operations and adding significant value to their businesses. In a PWC survey¹, 86% of U.S. executives projected AI’s transition into a ‘mainstream technology’ within their companies in 2021. Moreover, 25% of businesses utilizing AI anticipate revenue growth.
However, as highlighted by Gartner², a concerning 85% of AI projects ultimately fail to meet their expected business value. Among the numerous factors contributing to these shortcomings, common culprits include misaligned expectations, inadequate planning, and limited comprehension of the technology and its practical applications. When all these factors are considered, they collectively underscore a single underlying issue: an inadequate understanding of the process.
The Cost of No Change
Every business, regardless of its size or industry, operates within a complex web of processes. These processes, when left unoptimized, can lead to chaos, inefficiency, and missed opportunities. Employees may find themselves bogged down in manual tasks, information silos, and redundant workflows. Meanwhile, customers may experience reduced satisfaction due to prolonged or unclear processes and excessive touchpoints, potentially leading to attrition. This chaos not only hampers productivity but can also erode customer satisfaction and profitability.
Array’s research³ reveals alarming realities within organizations:
Financial Costs:
Inefficiencies cost 20-30% of revenue.
Time Costs:
Employees lose 26% of their day to avoidable chores.
Recruitment Costs:
Each employee costs $4,129 and 42 days to be trained.
Amid these sobering statistics, businesses have adopted Business Process Improvement as a systematic, analytical approach to understanding, prioritizing, and measuring the impact of how to make their operations run more efficiently.
³Saunders, Dave, “How Much is Inefficiency Costing Your Business”, (19 November 2020), online: Electronic Data Capture, Mobile Data Collection – Array Survey App
50%
of companies spend up to $25 on each manually processed invoice
64%
of sales reps allocate their hours to non-revenue tasks
30%
of specialist IT time is consumed by basic, low-level activities
Download the Full Whitepaper
Our teams have compiled insights and best practices in this practical and outcome focused whitepaper. Our learnings are based on numerous successful client engagements, research, and industry partners.
Business leaders seeking practical advice to advance their BPI capabilities will find value in the topics covered in the whitepaper. These include:
A step-by-step approach on how to conduct Business Process Improvement within an enterprise operating environment
Practical implications of using Business Process Improvement with Intelligent Automation
Case Studies on the successful use of Business Process Improvement in mid-sized to enterprise organizations
From Chaos to Clarity
Authors:
Luciano Lera Bossi
BPI & Intelligent Automation Lead
“Our commitment is to evolve your business processes in a way that’s both data-driven and adaptable, fostering an environment where continuous improvement is the norm, and each step leads to a more effective and empowering operational experience.”
David Liu
Lead-CoE Consultant
“In the race for growth, inefficiencies hold companies back. Success unfolds in continuous refinement—where processes evolve, innovation thrives, and excellence becomes ingrained.”
Meet David Liu: COE Lead, Process Improver, and Ramen Aficionado
People & Culture | Business Process Improvement | Enterprise Automation
Meet David Liu: COE Lead, Process Improver, and Ramen Aficionado
December 6, 2023
Say hello to David Liu, our new BPI CoE Lead! He’s the kind of guy who’s just as excited about diving into complex enterprise processes as he is about making a bowl of handmade ramen (his absolute favourite). His insatiable curiosity propels him to delve deep into the essence “why?”, and an expert at finding ways to enhance and elevate outcomes.
David’s been on quite a journey for the past three months, settling into his new life in Canada and shaking things up here at Blanc Labs. We sat down with him to find out more about his experience and discover what fuels his passion to understand the inner mechanisms of both professional landscapes and culinary delights.
Six Questions with David Liu
Welcome to Canada and to Blanc Labs! How have your first 90 days been?
Wow, these past months have been quite the ride, packed with trust-building, blending into new cultures, and loads of personal and professional growth. Shortly after my onboarding, our team kicked off a fairly large Business Process Improvement (BPI) project and and formalizing the BPI practice within Blanc Labs has been a great experience. Each step of this has been a building block for me.
As someone who recently moved from Hong Kong, I’ll admit, I had my doubts about adapting to a whole new workplace culture. But the moment I stepped into Blanc Labs, the team made me feel right at home. They handed me the reins, offering the freedom and trust that allowed me to make a significant impact around here.
Any standout moment that you’d like to tell us about?
One standout moment was a business trip to Vancouver, where I conducted an on-site process assessment for a client. This firsthand experience not only deepened my understanding of client needs but also helped me form close relationships. With the collaboration of experts from different areas at Blanc Labs, we successfully delivered our first BPI project, receiving recognition from the client—an auspicious start for the BPI practice.
What attracted you to Blanc Labs in the first place, and why did you choose to join at this point in your career?
Blanc Labs provides a dynamic, startup-like environment with daily challenges, which I find invigorating. The rapid pace and expansive growth opportunities align with my career goals. More importantly, the shared vision on business process improvement during the interview resonated with me, making it an easy decision to join a team that values innovation and is willing to take risks.
What makes Business Process Improvement such an interesting area of work for you?
My career in the process-related field comes from a simple desire—to streamline processes and make everyone’s work easier. Growing up, my curiosity about how things work, be it a restaurant kitchen or a car engine, fueled my interest in operations behind businesses. This fascination deepened as I came across more slow processes in daily life. That’s when I knew I wanted to pursue consulting and specialize in business process improvement.
How do you envision the future of BPI, and what challenges do you foresee?
Even as I envision an automated future where most tasks are streamlined, I believe human intervention will remain crucial in customer-facing roles and creative industries. Because of automation, there is a concern about potential job loss. Post-improvement initiatives, companies must consider upskilling employees or transitioning them into roles that leverage human intervention, like customer-facing roles, to maintain value addition.
And finally, what according to you, makes a Business Process Improvement project successful?
I like to think of a successful BPI project as a well-made bowl of ramen—
The flavorful broth needs a long time to boil bones and meat until they blend well for a rich flavor. This is like the experience needed for a good BPI project. Finding issues and understanding process problems takes years of practice and dedication.
The Tare, though a small part in ramen, has a big impact on the noodle’s taste, determining the overall flavor. It’s similar to the goal in a BPI project. A goals acts as the guiding star throughout, leading us to the expected business outcome. A BPI project without a clear goal is like ramen without Tare—it lacks flavor and excitement.
The type of flour used in making noodles is comparable to the tools and methodologies employed in the analysis. Meanwhile, the texture and thickness of the noodles resemble the direction of the analysis. For a successful BPI project, leveraging experience to select the most suitable tools and methodologies is crucial. This strategic choice ensures accurate analysis, aligning with the project’s goals effectively.
In ramen, oils and fats serve to enrich the broth’s flavor, adding complexity to the overall taste. Similarly, in the realm of BPI, user education plays a vital role. If users are not well-informed about the new process, they may prefer the original one, rendering the efforts of the entire project futile.
Finally, the toppings on the ramen symbolize the selection of technologies. Just as there can be an infinite combination of toppings in ramen, choosing the right set is essential to enhance the overall flavor. Similarly, in a BPI project, technologies act like toppings strategically added to enrich the final product.
David Liu’s Ramen Making Process
“Ramen is my go-to favorite, and exploring great ramen spots in downtown Toronto has been so much fun. Now, a quick heads-up—I’m not a pro chef, just a big ramen fan who enjoys watching ramen videos online.
So, here’s how you make it. First off, you start with making the broth. Boil stuff like bones, meat, and extra flavors to get a yummy base for your ramen.
Then comes the Tare, which is the seasoning. It’s usually made with soy sauce, salt, or miso. You mix it into the broth to amp up the flavor.
Next is making the noodles. Mix flour with water (sometimes carbonated water), stretch the dough, and cut it into noodles.
To make the broth richer, add some fats and oils. It gives the ramen that extra deliciousness.
Finally, to make it look cool and taste even better, add toppings like pork, seaweed, bamboo shoots on top of the noodles and broth. It’s like the cherry on top, making your ramen not just tasty but also a feast for the eyes.”
Feeling inspired by David’s journey? Want to supercharge your own business processes? Whether you’re craving insights on enhancing workflows or simply curious about David’s favorite ramen spots, he’s your go-to person! Reach out to David at davidl@blanclabs.com.
Financial Services
Consumer Driven Banking
Open Banking
Articles
How Open Banking Will Empower Small Businesses in Canada
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Shannex Adopts Automation to Revolutionize its Employee Experience
November 7, 2023
Engagement Summary
Shannex is a leading provider of seniors’ care, service and accommodation across its 47 long-term care and retirement living communities in Nova Scotia, New Brunswick and Ontario.
People are at the core of Shannex’s mission, vision, and values to lead the way to better living for individuals and the communities the company serves.
Like many health care organizations in Canada, Shannex is experiencing an increased demand for health care workers and needed a solution to improve operational effectiveness to bring more employees on board in a more timely and efficient manner.
The employee onboarding process involves multiple departments and is prone to delays, manual errors, and access management challenges. These gaps did not allow new employees timely access to software tools, equipment, and EHR systems. The offboarding workflow, when an employee left or changed roles, also had similar challenges.
Shannex has partnered with Blanc Labs to develop a workflow that leverages Robotic Process Automation (RPA) to improve coordination of task between departments, track onboarding activities and timelines, and manage employee access to new employees or when their role changes.
By partnering with Blanc Labs to map the enterprise workflow across people, processes and technology systems, Shannex expects to see a significant improvement in efficiency and user experience while maintaining system security, leading to higher staff satisfaction and retention rates.
This innovative partnership is being supported by the Coordinated Accessible National (CAN) Health Network – a federally funded organization working to introduce more Canadian technology companies into Canada’s health care system.
Opportunities for Improvement
Shannex’s onboarding workflows presented an opportunity for improvement from both an employee experience and operational efficiency perspective. Manual processing of tasks and multiple stakeholders involved created a high-volume workflow characterized by delays, errors, and information-security risks.
>30%
employees had access to all the IT systems equipment they needed on their first day of work.
34%
of new employees experienced delays of more than a week in obtaining all the equipment and system access they needed.
18%
of new hires were less than satisfied with the technology access portion of their onboarding experience.
Solution Approach Summary
Working collaboratively with the team from Shannex, Blanc Labs has designed and implemented a user-friendly and highly configurable solution that:
Automate Pre-Defined Workflows
Allows business users to define the type of task they want to perform (Onboarding, Change of Position or Termination Process / De-Provisioning) and upload all the documents related to that specific operation quickly and easily.
Integrated Across Enterprise Systems
The solution integrates across 14 enterprise systems and automatically triggers a series of activities relating to the workflow, such as provisioning or removing access to systems and resources.
Manage Access and Adhere to Security Requirements
Streamlines the employee offboarding process by ensuring inactive staff members do not have access to enterprise resources and facilities.
Improved Efficiency and Employee Experience
The solution improves the overall quality of the onboarding process for new hires and support functions by promptly granting and managing access to new or relocated employees.
Compliance and Security Benefits
By regularly conducting audits of staff access and enforcing IT best practices Shannex is able to significantly reduce security risks.
“We relied on Blanc Labs’ expertise and experience to advise us on the internal resources needed to complete the work and to set a pace that would be manageable. The team is extremely knowledgeable from a programming/technical perspective. The technical documentation was very detailed and will be very useful as we grow our internal RPA programming expertise.”
– Christy Nickerson-Rak, Research Specialist at Shannex Incorporated
Tech Stack
UiPath Studio
We crafted an Onboarding/Offboarding solution leveraging tools like Active Directory for account management, Azure Active Directory for validation, Database for data retrieval, Web API and Object Repository for application interactions. We boosted efficiency and reliability using the Object Repository tool, capturing UI elements as objects in a DOM-like repository. This ensured that interactions were well managed and reliable, encouraging reusability.
UiPath Orchestrator
UiPath Orchestator served as the control center, enabling centralized management, scheduling, and monitoring of the automation process. Real-time insights, scheduling, and tracking capabilities ensured seamless execution and continuous improvement of the automation.
UiPath Robot
Working in tandem with Orchestrator, UiPath Robot ensured efficient and monitored Onboarding/Offboarding executions.
Expected Impact
Blanc Labs’ RPA-based workflows will reduce demands on operational, HR, IT, and business system teams by automating employee management tasks. This will free up time for business users to focus on higher-value work. Improved accuracy will ensure new employees have the necessary system and equipment access and will lead to higher staff satisfaction and better retention rates.
Our shared goal is to improve efficiency and user experience relating to employee management tasks.
80%
Reduction in the time required for operations managers to request access to equipment/systems for new hires.
90%
Increase in the level of satisfaction among new hires with the onboarding process.
80%
Reduction in the time spent removing access to systems and equipment for terminations.
60%
Increase in the proportion of new hires with access to systems equipment on their first day in the new position.
Looking Ahead
Through a strategic partnership with Blanc Labs and the CAN Health Network, Shannex is poised to revolutionize its employee onboarding and system access procedures. By integrating technologies like UiPath Apps, UiPath Robot, and UiPath Studio, Blanc Labs has delivered an impactful synergy of automation, innovation, and convenience to Shannex’s employee experience, HR , IT management, and Operations functions.
If you are interested in automating your workflows and improving employee experience, reach out to us at BlancLabs.com and let us explore how we could partner with one another. Contact us today to unlock efficiencies in your processes.
Elevate employee experience: automate, secure, and thrive.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to overhaul the process pharmacists use to assess and treat minor ailments, at a critical inflection point for Canadians to efficiently access healthcare services.
Low-Code Tools and Automation Power Minor Ailments Program for Pharmacists
November 3, 2023
Blanc Labs teamed up with Daylight Automation (acquired by Quadient) to enable the Minor Ailments service at a major Canadian pharmacy. The team designed and deployed digital forms, automated workflows, and integrated with enterprise systems to power how pharmacists assess and treat 15 minor ailments at pharmacies across the country. This comes at a critical inflection point for Canadians needing efficient access to healthcare services.
The client knew having pharmacists fill out a paper-form for each patient would not scale across their network and would create massive headaches for data integration, workflow management, payments & billing, and information security.
With Blanc Labs support, the Pharmacy rolled out a digital workflow solution that offers patients and pharmacists a much improved experience that eliminates extra steps, ensuring accurate and timely assessments, and treatment of minor ailments.
After 6-months of Minor Ailments Service in Ontario
244,630
Assessments Completed
250,150
Prescriptions for Minor Ailments
Benefits of our Solution Approach
Integrated Solution
The low-code solution offered an integrated approach for patient booking, patient record management, managing the assessment workflow, generating the prescription, and managing the billing process on behalf of pharmacists.
Streamlined Data Collection
Allowing busy pharmacists to spend less time on administration and more time on high-value tasks, ultimately allowing them to serve patients more effectively.
Improved Data Quality & Security
By offering a dedicated tool and workflow for each minor ailment, the solution dramatically reduced the amount of manual effort and the steps required to gather and transcribe patient data at the time of the assessment.
Additionally the solution is securely integrated into the pharmacy information systems, so the data collected conforms to all health data security standards.
Superior Customer and Employee Experience
Patients can now book an appointment ahead of time or walk-in any of the pharmacy locations minimizing the time between the consult and the treatment.
Rather than having each patient fill out paper forms, the tool guides the pharmacist through a Q&A style assessment and patient documentation workflow.
Real-Time Updates
Using a low-code tool allows the workflows to be updated in real-time. This means when any of the requirements of the 15 minor ailment assessment workflows change, the team can quickly update and push out the change.
As additional minor ailments are added, pharmacists will be able to conduct these assessments with minimal training or operational overhead.
Impact
85%
Of All Community Pharmacies are Prescribing for Minor Ailments
8
Provinces Currently Allow Pharmacists to Prescribe for Minor Ailments
$42M +
Savings to Ontario with Pharmacists Treating for 3 Minor Ailments
A Transformative Approach to Primary Care
Given that pharmacists are the most accessible health care professionals, I think minor ailments prescribing will lead to an improved pharmacist-patient relationship and a more fulfilling professional career. As medication experts, pharmacists are trained and equipped with the knowledge to practice beyond classic dispensing activities.
Providing clinical services, which allow pharmacists to use their entire range of training, is the future of pharmacy.
When it comes to minor ailments prescribing, passionate pharmacists will be invaluable and I’m hopeful that a shift will occur where these types of services become the norm1.
– Timothy Brady, Chair of Ontario Pharmacists Association
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
Financial Services | AI | Banking Automation | Digital Banking | Enterprise Automation
Using RPA in Banking
May 8, 2023
All banking or financial institutions can relate to the struggle of managing piles of structured and unstructured data daily. This task requires repetitive and manual effort from your employees that they could otherwise dedicate to high-value work. It can also be time-consuming and prone to errors, ultimately hampering your bank’s customer experience. Fortunately, automation technologies are proving to be a boon for the finance sector.
The finance domain is experiencing a major transformation, with banking automation and digitization at the forefront. According to a study by McKinsey, machines will handle between 10% to 25% of banking functions in the next few years, which can free up valuable time and resources for employees to focus on more strategic initiatives.
What is Robotic Process Automation (RPA)?
RPA is an automation technology governed by structured inputs and business logic. RPA in banking is a powerful tool that can automate repetitive and time-consuming tasks. It allows banks and financial institutions to gain a competitive advantage by automating routine tasks cost-effectively, fast, and without errors.
Banks, credit unions, or other financial institutions can set up robotic applications to handle tasks like capturing and analyzing information from documents, performing transactions, triggering responses, managing data, and coordinating with other digital systems. The possibilities for using RPA in finance are innumerable and can include a range of functionalities such as generating reports, sending auto emails, and even auto-decisioning.
How RPA works
Robotic Process Automation works by automating repetitive and routine tasks that are currently performed manually. Software robots, also known as ‘bots,’ are designed to mimic human actions and interactions with digital systems. These rule-based bots can be configured to perform specific tasks, such as document processing, data entry, transaction execution, complete keystrokes, and more.
Once a bot is configured, it can be triggered to run automatically or on a schedule, freeing up human resources to focus on customer service or other higher-value or strategic activities. The bot interacts with the relevant systems and applications, capturing and analyzing data, navigating systems, and automating workflows as needed.
One of the key advantages of RPA in finance is that it is non-intrusive, meaning that it operates within existing systems and processes, without requiring any changes to the underlying infrastructure. This means that no changes are made to the underlying applications. RPA bots perform tasks in a similar manner to employees- by signing into applications, entering data, conducting calculations, and logging out. They do this at the user interface or application surface layer by imitating mouse movements and the keystrokes made by employees.
This makes it easier to implement and reduces the risk of disruption to existing operations. As per Forbes, RPA usage has seen a rise in popularity in the last few years and will continue to see double-digit growth in 2023.Many people use the terms ‘RPA’ and ‘Intelligent Automation’ (IA) interchangeably. Both are banking automation technologies that improve efficiency, but are they the same?
Are RPA and Intelligent Automation the same?
No, RPA is not IA and IA is not RPA. While RPA is a rule-based approach for everyday tasks, intelligent automation uses Artificial Intelligence (AI) and Machine Learning (ML) technologies to automate more complex and strategic processes. IA encompasses a wide range of technologies which includes RPA. IA enables organizations to automate not just manual tasks but also decision-making processes and allows for continuous improvement through self-learning.
A combination of IA and RPA can unlock the true potential of banking automation. When RPA is combined with the powers of AI, ML, and natural language processing, it dramatically increases the software’s skills to execute advanced cognitive processes like understanding speech, carrying out conversations, comprehending semi-structured tasks such as purchase orders, invoices and unstructured documents like emails, text files and images.
Thus, RPA and its combination technologies are fully capable of taking your banking and financial business to new heights.
What are the benefits of RPA in Banking?
The global RPA market is projected to grow at a CAGR of 23.4%, from $10.01 Billion in 2022 to $43.2 Billion in 2029. Evidently, more industries worldwide are realizing the importance of RPA. Here are some benefits of using RPA in banking and financial institutions.
Improved Scalability
Robots can work faster and longer than humans without taking breaks. RPA can also be scaled to meet changing business needs, making it an ideal solution for organizations that are looking to grow and expand their operations and provide additional services.
Enhanced Compliance and Risk Management
RPA can help banks and financial institutions improve their compliance and risk management processes. For example, the software can be configured to monitor transactions for potential fraud and to ensure compliance with regulatory requirements. It can also inform the bank authorities in case any anomaly is found.
Improved Customer Service
RPA can enable faster and more personalized service to customers. For example, the software can be configured to handle routine customer inquiries and transactions, reduce wait times and improving the overall customer experience.
Increased Efficiency
RPA can automate repetitive and manual tasks, redirecting human resources to other higher-value and strategic activities. This can result in faster processing times, improved accuracy, and reduced costs. According to a study by Deloitte, banking institutions could save about $40 million over the first 3 years of using RPA in banking.
Better Data Management
RPA can automate the collection, analysis, and management of data, making it easier for banks and financial institutions to gain insights and make informed decisions. This means faster account opening or closing, loan and document processing, data entry, and retrieval.
Top Use Cases of RPA in Banking
RPA can be applied in several ways in the banking and finance industry. Here are some examples of RPA use cases in banking and finance:
Accounts Payable
RPA can automate the manual, repetitive tasks involved in the accounts payable process, such as vendor invoice processing, field validation, and payment authorization. RPA software in combination with Optical Character Recognition (OCR) can be configured to extract data from invoices, perform data validation, and generate payment requests, reducing the risk of errors and freeing up human resources. This system can also notify the bank in case of any errors.
Mortgage Processing
Mortgage processing involves hundreds of documents that need to be gathered and assessed. RPA can streamline the mortgage application process by automating tasks such as document verification, credit checks, and loan underwriting. By using RPA to handle routine tasks, banks, and financial institutions can improve processing time, reduce the risk of errors, and enhance the overall customer experience.
Fraud Detection
According to the Federal Trade Comission (FTC), banks face the ultimate risk of forgoing money to fraud, which costs them almost $8.8 billion in revenue in 2022. This figure was 30% more than than what was lost to bank fraud in 2021 . RPA can assist in detecting potential fraud by automating the monitoring of transactions for unusual patterns and anomalies. Bots can be configured to perform real-time ‘if-then’ analysis of transaction data, flagging potential fraud cases as defined for further investigation by human analysts.
KYC (Know Your Customer)
RPA can automate the KYC onboarding process, including the collection, verification, and analysis of customer data. RPA software can be configured to handle routine tasks such as data entry, document verification, and background checks, reducing the risk of errors and faster account opening, thus resulting in enhanced customer satisfaction.
Thus, using RPA in your bank and financial institution can not only save time and money but also boost productivity. Banking automation gives you a chance to gain a competitive edge by leveraging technology and becoming more efficient.
Blanc Labs Automation Solution for Banks
Blanc Labs helps banks, credit unions, and financial institutions with their digital transformation journey by providing solutions that are RPA-based. Our services include integrating advanced automation technologies into your processes to boost efficiency and reduce the potential for errors caused by manual effort.
We offer a tailored approach that combines RPA, ML, and AI to automate complex tasks, such as mortgage processing and document processing, allowing you to conserve resources, speed up decision-making and provide quicker and improved financial services to your customers.
If your bank processes a huge amount of data everyday, we can help you. Book a discovery call with us and let us explain how we can increase the efficiency of your bank’s core functions. Our team will analyze your current processes and propose a tailor-made automation solution that can operate seamlessly and in conjunction with your existing systems.
Financial Services | AI | Banking Automation | Digital Transformation | Enterprise Automation
10 Tips to Successfully Implement RPA in Finance
April 14, 2023
Automation has taken the finance industry by storm, and for all good reasons. Banking automation technologies like Robotic Process Automation (RPA) come with the promise of streamlining processes and increasing efficiency.
According to Forbes, RPA has the potential to transform the way finance functions, from reducing manual errors to freeing up valuable resources. To help you maximize the benefits of RPA in finance, we’ve put together a list of 10 tips for successful implementation. But first, let’s take a step back and explore what RPA is.
What is Robotic Process Automation (RPA)?
RPA is the use of software robots to automate routine and repetitive tasks like document processing, freeing up employees to focus on strategic activities that can lead to better customer service or innovations that could meet customer expectations.
The bots are programmed to follow specific rules and procedures to complete a task, just like an employee. They can interact with various software applications and systems, such as spreadsheets and databases, to collect and process data. The bots can also make decisions, trigger responses, and communicate with other systems and software.
When a task is triggered, the bot performs it automatically, eradicating the scope of errors that may be produced through manual processes. The process is monitored and managed by a central control system, allowing adjustments and updates to be made as needed.
Think of RPA as a digital workforce, working tirelessly in the background to complete tasks that would otherwise take hours to complete. With RPA in finance, your financial institution can increase efficiency, reduce costs, and improve the accuracy of its processes.
The Use of RPA in Banking Automation
There are many ways in which RPA can be used in banking automation. Here are some of them:
Customer Service Automation
RPA is capable of automating routine customer service tasks such as account opening, balance inquiries, and transaction processing, allowing bank employees to focus on more complex customer needs.
Loan Processing
RPA in banking and finance can streamline the loan processing workflow by automating repetitive tasks such as document collection and verification, credit score analysis, and loan decision-making.
Fraud Detection and Prevention
In 2022 alone, banks and financial institutions lost $500K to fraud. Technologies like RPA can analyze vast amounts of data to detect and prevent fraud in real-time, improving the accuracy and speed of fraud detection. It may also report any suspected fraud to the banking authorities as soon as it is discovered.
KYC and AML Compliance
Verification and compliance document processing can eat up a major share of your institution’s resources. RPA can automate the process of collecting, verifying, and analyzing customer information, helping banks to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.
Back Office Operations
RPA can automate various back-office tasks such as data entry, reconciliation, report generation, monthly closing, and management reports, freeing up employees to focus on more strategic initiatives.
Payment Processing
Manual data entry in payment processing can lead to manual errors and longer processing time. RPA can automate the payment processing workflow, including payment initiation, authorization, and settlement, reducing the risk of errors and improving efficiency.
Risk Management
Banks and financial institutions are constantly at risk from various sources. RPA in finance can help institutions identify, assess, and manage risks by automating data collection, analysis, and reporting, improving the accuracy and speed of risk assessments.
Internal Compliance Monitoring
RPA can automate the process of monitoring and reporting on compliance with internal policies and regulations, reducing the risk of non-compliance and improving overall compliance management.
The potential of RPA in banking and finance is unlimited. When combined with Intelligent Automation technologies, RPA can leverage Artificial Intelligence (AI) and Machine Learning (ML) to provide more intelligent process automation. While the technology in itself is efficient, financial institutions must know how to implement it for maximized benefit.
10 Tips for Successfully Implementing RPA in Finance
According to the Deloitte Global RPA survey, 53% of organizations who took part in the survey have already begun their RPA implementation. The number is expected to rise to 72% over the next year. Entering the RPA race can be quick, but managing and scaling it is a different ball game. Before getting started with automation initiatives, it is important to consider the following tips.
Start Small
While RPA might seem useful to rejuvenate all of your systems and processing, it is important to consider the business impact and start small. Beginning with a smaller project, for example, a single process or department can help build momentum and demonstrate the benefits of RPA. It also allows the organization to gain experience and develop a better understanding of the technology before scaling up.
Define Clear Goals
The key to successful RPA implementation rests in your goals. Decide what you want to achieve with RPA in consultation with your IT department. Having a clear understanding of the goals and objectives of the RPA implementation will ensure that resources are allocated appropriately and that the project stays on track. Aim for specific, measurable, achievable, relevant, and time-bound (SMART) goals.
Involve Stakeholders
Engaging stakeholders, such as the management, finance employees, and IT, can help build better design and smoother change management for the RPA implementation. It also ensures that the RPA system is well-integrated across departments and addresses the needs and concerns of all stakeholders.
Assess Processes
When a financial institution leverages too many bots to automate processes, it results in a pile of data. They may be tempted to use ML on the data and create a chatbot to make customer queries easier. However, it can lead to a poorly planned ML project. Thus, a thorough assessment of the processes is critical to ensure that the RPA implementation does not get sidetracked. This assessment should include an analysis of the tasks, inputs, outputs, and stakeholders involved in the process.
Choose the Right Tools
Selecting the right RPA tools and technology is critical to the success of the implementation. Decide the mix of automation technologies your institution requires before reaching out to a vendor. Factors to consider include the cost, scalability, and ease of use , as well as its ability to integrate with other systems and applications.
Define Roles and Responsibilities
Clearly defining the roles and responsibilities of the RPA team, including project governance, testers, and users, is important to ensure that everyone knows what is expected of them. Remember that automation is a gradual process, and your employees will still need to interfere if it is not properly automated.
Ensure Data Security
Protecting sensitive data and customer information is a key concern in finance. RPA needs to be implemented in such a way that data security remains unaffected. Discuss with your vendor about strong security measures to ensure that data is protected and that the confidentiality of customer information is maintained.
Plan for Scalability
There are thousands of processes in banks and financial institutions that can use automation. Thus, the RPA implementation should be planned with scalability in mind so that the technology and processes can be scaled up as needed. This helps to ensure that the RPA can be combined with AI and ML technologies as necessary and the implementation remains relevant in the long term.
Monitor and Evaluate Performance
Continuously monitoring and evaluating the performance of the RPA bots is critical to ensure that they are operating effectively and efficiently. Also, do not forget to keep HR in the loop so that employees are informed and trained about the changing processes and how to use them in a timely manner. Regular evaluations should be conducted to identify areas for improvement and to make adjustments as needed.
Foster a Culture of Innovation
Encouraging a culture of innovation and experimentation can help to ensure that the organization is prepared for the future. Consult your IT department and automate your entire development lifecycle to protect your bots from disappearing after a major update. Invest in a center of excellence that can create business cases, measure ROI and cost optimization and track progress against goals.
Implementation Automation with Blanc Labs
At Blanc Labs, we understand that every financial and banking institution has unique needs and challenges when it comes to RPA implementation. That’s why we offer tailor-made RPA solutions to ensure seamless implementation for our clients.
Our RPA systems are designed to be flexible and scalable, allowing our clients to start small and grow as needed. We provide end-to-end support, from process assessment and design to implementation and ongoing assistance, to ensure that our clients realize the full benefits of RPA.
Booking a free consultation with us is the first step toward successful RPA implementation. Our team of experts work closely with each client to understand their specific requirements and goals to build a customized RPA solution to meet their needs.
Modern businesses rely on automation to reduce costs and improve efficiency, but how can banks use automation? In this article, we explain the most common use cases of banking automation.
What is Banking Automation?
Banking automation involves handing over repetitive business processes in financial institutions like banks and credit unions to technologies like robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML).
Why Banks Need Intelligent Automation
As a banking professional, you know that a good chunk of your daily tasks is repetitive and mundane. Banking automation eliminates the need for manual work, freeing up your time for tasks that require critical thinking.
Here are seven reasons why banks needs intelligent automation:
Better Customer Experience
Automated KYC
Faster Mortgage Application Processing
Accurate Report Generation
Anti-Money Laundering Prevention
Audits and Compliance
Faster Decision Making
Below we dive deeper into banking automation use cases so you can get a closer look at how automation can transform your workflow.
1. Customer Experience
A robust Customer Experience has never been more important. As the world moves online, you’ll need to re-engineer your Customer Experience to make it friction free, faster and more efficient.
Consider a customer’s first experience with the customer onboarding process. If this isn’t a painless experience, you risk turning away a customer in the first interaction.
Sure, you might need to invest some money to improve the customer experience and make it seamless and efficient, but the potential ROI is excellent. Think about it. Automation will eliminate much of the manual and low-value in-person interaction, saving your sales reps plenty of time to focus on running effective sales campaigns.
Automating processes reduce the potential for errors, allowing you to onboard customers faster. Automation also reduces costs because it eliminates the manual labor and paperwork associated with customer onboarding.
Moreover, your customers will be able to use their accounts faster, which improves customer experience. As a McKinsey report explains:
“Automation and artificial intelligence, already an important part of consumer banking, will penetrate operations far more deeply in the coming years, delivering benefits not only for a bank’s cost structure, but for its customers.”
2. KYC
Most banks perform KYC (Know Your Customer) by manually verifying customer details. The problem? Manual verification can take plenty of hours.
The KYC process doesn’t end at verification. You must manage KYC documents for a long time to comply with regulatory requirements. Using automation in banking operations can help free up the hours you spend on manual verification.
Moreover, automation also eliminates the risk of human error. By eliminating room for error, automation ensures improved customer experience, increased quality assurance, and the number of cases processed each month, according to a McKinsey study.
3. Mortgage Application Processing
Mortgage application processing involves plenty of paperwork. Manually checking details on each document is time-consuming and leaves room for error. On the other hand, intelligent document processing (IDP) helps streamline document management.
Remember those desks full of paperwork? That’s a thing of the past. Modern banks use IDP to manage documents digitally. IDP helps automate the generation of customer risk profiles and mortgage document processing, reducing processing time to a few days.
An Accenture study found that 47% of customers prefer opening a new bank account online using a computer, while 37% prefer using the bank’s app or website.
The shifting consumer preferences point to a future where loan requests and processing are online and automated. Now is a great time to prepare your bank for that future.
4. Report Generation
All financial institutions need to generate reports for various purposes. For example, you might need to generate a report to show quarterly performance or transaction reports for a major client.
RPA can help generate reports automatically. The system can auto-fill details into a report and prepare an error-free report within seconds. An automated system can perform various other operations as well, such as extracting data from internal or external systems and fact-checking the reports.
5. Anti-Money Laundering (AML) Prevention
In Canada, banks need to ensure they are complying with the statutes of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2000. Depending on your location, compliance requirements might include ongoing risk-based assessment, customer due diligence, and educating staff and customers about AML laws.
A single AML investigation can take 30 minutes or more when assigned to an employee. However, automation can complete the same investigation much faster and minimize errors.
Using automation ensures you don’t spend too much money on AML investigations and stay compliant, so you don’t have to pay hefty fines.
Maintaining compliance is expensive but less so than being non-compliant. For example, banks must ensure data accuracy when producing loan facility letters. However, instead of requiring employees to spend time meticulously verifying customer data, you can use intelligent document processing to save time and guarantee data accuracy.
Banking automation can help you save a good amount of money you currently spend on maintaining compliance. With automation, you can create workflows that satisfy compliance requirements without much manual intervention. These workflows are designed to automatically create audit trails so you can track the effectiveness of automated workflows and have compliance data to show when needed.
For example, you can set up a system to auto-freeze compromised accounts. Once the account is frozen, RPA can automatically complete the steps in your fraud investigation process. The system also creates an audit trail in the process.
Unlike humans, RPA can be active 24/7. Using RPA in banking can help ensure the accuracy of compliance processes, ensuring you’re compliant at all times without investing a lot of human resources towards compliance.
7. Decision Making
Managers at financial institutions need to make decisions about marketing, operations, and sales, but relying on raw data or external research doesn’t provide full context. RPA can help compile and analyze internal data to track client spending patterns and preferences.
AI and RPA-powered automation can help make decisions about timing marketing campaigns, redesigning workflows, and tailor-making products for your target audience. As a result, you improve the campaign’s effectiveness, process efficiency, and customer experience.
For example, when introducing a mortgage loan product, you can use RPA’s data analysis capabilities to identify location-specific and borrower-specific risks. RPA can compile a summary of the risks on a document, allowing the credit manager to study risk profiles without the associated manual work.
Blanc Labs’ Banking Automation Solutions
Blanc Labs works with financial organizations like banks, credit unions, and Fintechs to automate their processes.
We can create tailor-made automation software solutions based on your banks’ needs to minimize manual work and improve process efficiency. Our team can help you automate one or multiple parts of your workflow using technologies like RPA, AI, and ML.
Book a discovery call with us to see first-hand how automation can transform your bank’s core operations. We’ll create an automation solution specifically for your organization that works in tandem with your current internal systems.