Vietnamese bank automates bank audit processes to increase efficiency 3X

Vietnamese bank automates bank audit processes to increase efficiency 3X

Vietnamese bank automates bank audit processes to increase efficiency 3X

The demand for a more robust workflow is necessary when a business grows. This is especially true for enterprises in the financial service industry, such as banks and mortgage providers.

However, as customer demands increase, unoptimised workflows can provide a poor customer experience while costing the enterprise much more in the long run.

The challenge for growing businesses in the financial service industry

With the finance service industry evolving day by day, new regulations will present new challenges that legacy workflows might have problems to adapt. Additionally, new enterprises offer various Fintech solutions ranging from P2P lending to Payment, which further adds to the complexity.

To increase efficiency, implementing a Business Process Automation platform filled with the latest technological advancement helps address the drawbacks of legacy solutions and ensures maximum expandability and agility.

The challenge for growing businesses in the financial service industry

Using technology to help streamline workloads by consolidating all processes onto one platform, cutting down costs and while improving work efficiency.

Data entries are also done automatically using Business Process Automation, which essentially eliminates errors, especially when dealing with large amounts of data.

Audit reports are generated much quicker with significantly more cases than doing them manually.

They’re also highly adaptable as they allow the organisation to tweak policies to comply with new data security and protection regulations.

Issues the Vietnamese bank were facing before implementing BPA

Established in 1996, our client is one of the biggest banks in Vietnam and has more than 10,000 employees spread across 165 branches and transactional offices, offering loan and banking solutions to more than 3 million customers nationwide.

Since it was established more than 25 years ago, the old workflow is heavily ingrained in the bank’s standard operating procedures, making it very hard to adapt to the bank’s growing customer base and newer regulations.

The Vietnamese bank’s internal auditing department was running into issues as consolidated audits were prone to human errors as it was done manually on Excel sheets. Not only that, the department must generate up to 80 audits annually, with each taking roughly about a month to consolidate.

Another issue was that their Internal Audit Department is currently spread across 3 different areas, requiring them to coordinate through multiple strings of emails to get the audit reports done. This is not only time-consuming but there is potential for miscommunication.

The Solution

With that all being said, the bank mentioned above chose Decisions, a Business Process Automation platform that utilizes process automation to alleviate the issues mentioned. Decisions is also cloud-based, allowing all employees to have access to the most up-to-date data regardless of their location.

Moreover, Decisions does not require the user to have programming or scripting knowledge to install and operate. To quickly recap, the Business Process Automation platform has to:

  • Replace legacy workflow
  • Automate repetitive tasks
  • Reduce human error
  • Cost-saving in the long run
  • Provide a central area where data is stored
  • Reduce the time taken to generate an audit
  • Increase the number of cases per audit
  • Adaptable to new policies

The Results

Immediately after implementing Decisions, the client saw a 35% increase in employee work efficiency as data are kept in a centralised location. Generating audits back then used to take a month per audit with up to 200 cases, now take a week with up to 500 cases. It is also possible to generate reports on an ad-hoc basis whenever necessary.

Instead of manual reminders, Decisions automatically assigns tasks and sets up reminders for employees, making it easier to keep track of what needs to be done and which owner to follow up on. Because of this, the chance of errors occurring is significantly reduced.

Here’s a quick summary of the results after implementing Decisions:

  • Employee efficiency increased by 35%
  • Only 1 week to generate an audit report
  • Audits can contain up to 500 cases
  • Generate audit at an ad-hoc basis
  • Reduction in human error with automatic task assignment and reminder
  • Able to follow up with issues to completion

With the ease Decision provides, employees can focus on more pressing tasks instead of repetitive tasks such as data entry. Because of how agile Decisions is, the Vietnamese bank can quickly adapt to newer policies in the future at no additional cost.

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