System of Credit Unions of Brazil (Sicoob), the country’s largest credit union system, had many processes (insurance quotes, payroll loans and, customer registration) that were document- and form-intensive. The processes required a significant amount of data entry, and when there were errors, employees had to backtrack, which was not an efficient use of time. Ensuring compliance with complex data protection regulations was also a challenge because mistakes could put the company at risk for penalties and fines.
Sicoob investigated several RPA solutions to reduce process lead times and free employees to engage and contribute to the company in more meaningful ways. They ultimately choose IBM Robotic Process Automation
technology. What stood out was the solution’s integration and robust functionalities, such as monitoring capabilities, machine learning, and a password vault, which supports privacy and helps mitigate instances of fraud.
The first robot, named Eva, built in 2020, focused on detecting fraud. Today, 13 additional business robots are in production to support the following processes:
- Registration update: receives and reviews customer documents and updates registration information per customer requests.
- Credit limit analysis: performs credit analyses on customer-provided forms, enters data into the ERP software and updates credit limits accordingly.
- Insurance quotes: receives customer requests, accesses websites of various insurance companies, determines prices and delivers the best option to customers.
- Checking account opening: handles the new account process from start to finish by obtaining customer documents, analyzing information validity, entering data into ERP software and returning a ready-to-use checking account.
- File converter: reads and converts documents into different formats specified by employees after documents are loaded into the workflow software.
- Payroll loans: obtains and reviews customer documents, enters data into the ERP system and generates a credit proposal.
- Registration form: reads and evaluates registration documents for accuracy.
Thus far, with IBM Robotic Process Automation software, Sicoob, reduced process times up to 80 percent and cut costs up to 20 percent. To learn about other benefits, read the entire story here