Bank saves 800 hours per day with workflow automation

Situation

The banking industry faces extreme compliance challenges. Regulatory requirements and security concerns require daily general ledger reconciliation, while high transaction volumes and complex processes turn this critical task into a time-consuming chore. Faced with lagging compliance, a bank with over 800 branches set out to remove the burden from individual locations.

Challenge

Non-compliance was not an option. Daily reconciliation ensured the security of their customers’ transactions. The reconciliation process identified exceptions that required follow-up to maintain the integrity of their system – and their reputation.

The multi-step process involved several spreadsheets and emails and branch managers dreaded it.

To address mounting frustration and lack of compliance, the bank decided to move the task to a central team. But they immediately encountered a giant hurdle: strict security made it nearly impossible to get permission to add custom code to their SharePoint servers.

The bank also needed to keep historical data for seven years, which could quickly overtax SharePoint item limitations with individual transactions.

Solution

A Nintex Partner crafted the ideal solution with Nintex Forms and Nintex Workflow that eliminates the need to build custom code, creates a highly intuitive, web-based user interface, and provides an easy transition for both the new central reconciliation team and branch employees. The partner also leveraged the bank’s existing SharePoint system as the centralized archive for all branch reconciliations.

Nintex tools streamlined the process in the following way:

  • Workflows provide the central support team with a checklist for each branch, allowing them to tick off each item as they go
  • Audit trails are created for compliance, and bank management is happy to have more visibility
  • Exceptions are logged on a transaction list using Nintex forms. When the exception processing is finished, the central team kicks off the branch notification process. A branch only has to take action if they receive an automated notification saying they have an exception. Branch staff easily click through the links in the email to update the transaction in a Nintex form.
  • The Nintex Partner creates an archive workflow that stores the details of closed exceptions into an Excel file, saves the file to SharePoint, and removes the individual records

Benefits

Branch staff members were elated about the new system. Implementing automated processes changed the way the branches worked in the following ways:

  • With over 800 branches, the new solution saved over 800 hours per day
  • Branch managers were thrilled to get over 1 hour of their time back every day
  • Branch employees and the central support team learned the new web-based user interface almost instantly
  • Regional managers were relieved they no longer had to enforce compliance violations at the branches constantly
  • The new solution generated fewer tasks for the branches to complete and made closing out exceptions quick and easy
  • The Nintex platform made this solution possible by providing a rich set of tools with no need for custom code

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