Streamlining System Data Entry and Maintenance Tasks at Institution for Savings
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
- Functional Applications - Computerized Maintenance Management Systems (CMMS)
Applicable Industries
- Finance & Insurance
- Retail
Applicable Functions
- Maintenance
Use Cases
- Time Sensitive Networking
Services
- System Integration
About The Customer
Institution for Savings (IFS) is a $2 Billion financial institution with seven full-service locations throughout Massachusetts. Founded in 1820, it is one of the oldest savings banks in the country, priding itself on its philanthropy and investment in their community. The bank was facing multiple challenges related to 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 presented additional challenges. The bank was seeking a solution to reduce the time and cost associated with these manual processes.
The Challenge
Institution for Savings (IFS), a $2 Billion financial institution with seven full-service locations throughout Massachusetts, was grappling with multiple, time-consuming manual processes in various areas of the bank. The bank was seeking a new way to reduce the time and cost associated with these processes. In 2009, IFS migrated their existing core to a new core system. Although the conversion was successful, inconsistencies and formatting errors in some of their customer data still remained and required 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. This necessitated more manual work to remove the risk fields in up to 20,000 customer information files (CIFs). In 2014, 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 would mean less time spent with customers and more time with data.
The Solution
To save time formatting data after their core conversion, and to maximize productivity in these and many other tasks going forward, the team at Institution for Savings turned to Nintex Foxtrot RPA, for an automated solution. Nintex Foxtrot RPA software works like an “automated employee,” automatically performing data entry and maintenance tasks in the presentation layer (i.e. user interface) of web, Windows, and legacy / emulator applications, just like a person would. Representatives from Institution for Savings were able to instruct Nintex Foxtrot RPA on how to perform a particular task, then have Nintex Foxtrot RPA go and repeat those actions with total accuracy. One of IFS’s first tasks after investing in Nintex Foxtrot RPA was automating data clean up following their 2009 core conversion. The bank shaved days off of their initial attempt, 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.
Operational Impact
Quantitative Benefit
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