Our client is a leading money exchange firm in the GCC. They wanted to automate critical processes such as Bank Reconciliation and Wage Protection System/SIF file upload, which were dependent on manual effort and prone to errors.
With Jiffy.ai’s secure automation capabilities, the client was able to achieve their goals, while also ensuring the privacy and security of the data involved.
Undesirable turnaround times:
For bank reconciliation, each transaction took about 8 mins to process. With the wage protection system, each upload took about 10 minutes. Overall, the time taken to service customers was longer than desired.
Large volumes and employee burnout:
The large volumes of repetitive and tedious manual processing came to be a burden on the F&A teams. Bank reconciliation across 50 banks with a daily average of 50 transactions per bank, and over 50,000 emails to upload per month for the wage protection system, made the work of several staff members utterly tedious.
By nature of being a financial service organisation, the client's tolerance for errors was very low. However, they were not able to meet this standard. One of the key processes was to check for discrepancies, missing fields, invalid data etc. based on the parameters and inform relevant stakeholders. The scale of manual processing made it impossible to achieve 100% accuracy.
Jiffy.ai brought together the built-in Security Vault, end-to-end automation capabilities, intelligent document processing capabilities and a relatively short on-boarding time to deliver impactful automation for the client.
High automation coverage:
Jiffy.ai bots automated the Bank Reconciliation and SIF File upload processes end-to-end, without any manual interventions required except for exceptions. It automatically captures the data in the bank statement and converts it into CSV format and uploads it into the ERP system.
Security vault and credential management:
While the bot logs into the bank portal with the user ID and password, Jiffy.ai's inbuilt Security Vault ensures that the credentials remain encrypted, to avoid mismanagement and fraudulent activities.
Intelligent document processing:
For the Wage Protection System, the bots verified the WPS/SIF files with the Jiffy.ai Intelligent Document Processor, which is a best-in-class processor, reading complex documents and understanding various fields.
Timely updates to customers:
Jiffy.ai flagged discrepancies or missing fields/data and automatically notifies the customers for updates. Based on customer response, if the file is verified, the bots upload it to the application for further processing and send a notification email confirming the upload.
Jiffy.ai's Secure Vault ensured that the data in rest and in motion were secured. Only the business user had access to the credentials that the bot used.
Running 24x7 with minimal or no manual intervention, Jiffy.ai delivered 8X improvement in turnaround times, and saves 300+ hours, equivalent to 12.5 days a month.
Bots scaled up automatically during peak hours, and scaled down as necessary, optimising cost for the client.
Employee productivity and satisfaction:
Teams were happier and more productive due to the significant reduction in repetitive, tedious work.
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