A global financial services organization incurred significant overhead costs processing, monitoring and tracking fraud and disputes for its payment services division. Read more to learn how the company reduced data entry errors, timely delays in processing fraud and disputes, and high overhead costs.
Opportunity
A global financial services organization incurred significant overhead costs processing, monitoring and tracking fraud and disputes for its payment services division. Its 30-person global team moved a significant portion of the workload to low cost locations offshore to reduce costs, but the transactions were still plagued by data entry errors and inadequate response times.
Imagining IT Differently
Design:
First, ISG assessed all processes in the fraud and disputes function. Next, we verified savings potential and achievable goals. We worked with the company to prepare a full business case and implementation plan.
Develop:
ISG led the company team's selection and implementation of a robotic process automation (RPA) toolset, providing advisory services, templates and a robust methodology. We trained the company's personnel in use of the tool and best practices for configuration and deployment of the automated processes.
Deploy:
Next, ISG co-built the first wave of automations with newly-trained company team. We provided mentoring as processes were developed.
Deliver:
ISG provided procedures and techniques for automation architecture, logic creation and testing for the automated fraud and dispute processes, which were subsequently deployed to production.
First, ISG assessed all processes in the fraud and disputes function. Next, we verified savings potential and achievable goals. We worked with the company to prepare a full business case and implementation plan.
Develop:
ISG led the company team's selection and implementation of a robotic process automation (RPA) toolset, providing advisory services, templates and a robust methodology. We trained the company's personnel in use of the tool and best practices for configuration and deployment of the automated processes.
Deploy:
Next, ISG co-built the first wave of automations with newly-trained company team. We provided mentoring as processes were developed.
Deliver:
ISG provided procedures and techniques for automation architecture, logic creation and testing for the automated fraud and dispute processes, which were subsequently deployed to production.
Future Made Possible
Despite moving much of its work offshore, transactions suffered data entry errors and inadequate response times. ISG worked with the company to ensure zero errors in fraud and disputes by designing and deploying robotic process automations, enabling savings in money and full-time employees (FTEs).
- The company experienced improvements in its fraud and disputes process.
- It reduced errors and improved response time thanks to the new automations.
- The company was able to complete wave one in twelve (12) weeks, resulting in six (6) automated processes deployed and fast return-on-investment.
- Twenty-one out of the thirty full-time employees (FTEs) were re-purposed to other tasks.
- The company achieved $1.4 million in return-on-investment savings in three (3) months.
