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Streamlining system data entry and maintenance tasks

Institution for Savings (IFS), a $2 billion financial institution with seven full-service locations throughout Massachusetts prides itself on its philanthropy and investment in their community. Founded in 1820, Institution for Savings counts itself among the oldest savings banks in the country – a testament to the level of service and convenience they provide their customers.

Institution for Savings faced multiple, time-consuming manual processes in various areas of the bank and sought a new way to reduce the time and cost associated with them.

Company
Institutions for Savings
Website
Industry
Financial Services
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Who they are

Based in Massachusetts, Institution for Savings (ISF) is a $2 billion financial institution and is among the oldest savings banks in the country.

What they needed

IFS sought a solution to automate manual entry processes more efficiently and accurately following a conversion to a different core system.

How they did it

Nintex Foxtrot® RPA was able to perform manual processes like data entry, maintenance tasks in the presentation layer of web applications, and data clean up. Using scripts, IFS managed to perform tasks that used to take days in just a couple of hours.

The challenge

Institution for Savings representatives faced a mountain of manual data entry and maintenance following a conversion to a different core system. In subsequent years, withholding rate changes and field updates in their core system would present additional challenges.

Though the system conversion went well, inconsistencies and formatting errors in some of their customer data remained and would need more time to correct.

Additionally, a pending implementation of a Bank Secrecy Act compliance solution created a conflict between that solution and the existing risk fields already present in their core. More manual work would be needed to remove the risk fields in up to 20,000 customer information files (CIFs).

Most recently, the state of Massachusetts changed the withholding rate on some investment accounts, including IRAs. ISF representatives would need days to manually change the withholding rate on each of over 200 IRA accounts. The resulting delays and occasional keying error meant less time spent with customers and more time with data.

The RPA solution

Institution for Savings evaluated several options before selecting Nintex Foxtrot® RPA software. With Nintex Foxtrot® RPA, IFS was able to quickly automate many of the manual processes that had been costing them time and money.

Representatives from Institution for Savings were able to instruct Nintex Foxtrot® RPA on how to perform a task, then have the software repeat those actions with total accuracy. “There were times when we couldn’t complete many routine projects at all before Nintex Foxtrot® RPA.” explained Wes Barry, Vice President of Retail Banking. “Nintex Foxtrot® RPA is a quick fix and makes these sorts of tasks fairly easy.”

The bank shaved days off of their initial attempt to clean up their data, turning a days-long data cleansing project into an automatic process that took hours, by simply writing a script that contained the steps needed to execute the task. Nintex Foxtrot® RPA handled the workflow with total accuracy.

In early 2014, the state of Massachusetts changed the withholding rate on IRA accounts, dropping from 5.25% to 5.2%. Nintex Foxtrot® RPA was the perfect solution to change this information in each of the roughly 200 accounts on IFS’s books.

Following a core upgrade, IFS was left with redundant risk fields in their core that conflicted with their new BSA system. Nintex Foxtrot® RPA was used to navigate each of the between 15,000 and 20,000 accounts that contained the field and remove it in just a few hours. “This might have been a job that we simply would not have done. It might not have been feasible,” explained Barry. “We could have paid our core vendor to come in and handle this job programmatically, but instead, we used Nintex Foxtrot® RPA.”

There were times when we couldn’t complete many routine projects at all before Nintex Foxtrot® RPA. Nintex Foxtrot® RPA is a quick fix and makes these sorts of tasks fairly easy.
Wes Barry, Vice President of Retail Banking, Institution for Savings

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