Bank Accelerates Time To Decision With Robotic Process Automation

Blumark has helped one of Australia’s largest mutuals improve its speed to decision through the implementation of an innovative end to end home loan approval workflow and document management process.

One of Australia’s leading Case Management and Process Improvement specialists, Blumark recently announced expanded portfolio capabilities with Robotic Process Automation via the addition of the IBM RPA.

The exponential growth in customer expectations drives organisations to make decisions faster. Adding the IBM RPA capability to our portfolio allows us to enhance our customers outcomes and create a better customer experience for them,” said Mark Grimes, Managing Director Blumark.   

“We are seeing a lot of industry activity around RPA however very few companies are currently realising its true potential which I believe is a factor of not embracing it in concert with a review and optimisation of their existing business processes.

“Where we are seeing RPA be successful is when it is focused around a particular business process use case and built out from there.”

A prime example of this is a leading mutual who worked with Blumark to deploy the platform for document and workflow management to provide lender support.

Like many mutuals, the organisation faced challenges in managing its legacy information systems. IBM Case Manager provided employees with persistent access to critical information, workflow tasks and important analytics.

Blumark identified all the documentation and workflow around the management of a loan, captured that information in a single location and then automated the workflow management.

The result is that documents are verified automatically, the settlement is tracked, as is the management of the loan conditions because the system becomes a single view repository and workflow orchestrator throughout the life of the loan.

The bank is now extending its use of process automation across a range of manually intensive tasks including cheque dishonouring. Traditionally this has been a time-consuming manual process involving staff manually checking to see if a customer had funds in ancillary accounts. The platform has alleviated this process almost entirely, handling 80 percent of all dishonored cheques with just 20 percent going to bankers for exception management.

RPA has not only accelerated bank processes but injected conformity and consistency into those processes. It has helped automate clunky manual processes and introduced efficiencies.

The increased efficiency is particularly important for the bank as it looks to leverage the New Payments Platform for fast, data rich payments. It also helps meet customer expectations around accuracy of information.