Boosting Efficiency and Productivity in Banking with Nintex Foxtrot RPA
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
Applicable Industries
- Finance & Insurance
Use Cases
- Time Sensitive Networking
Services
- System Integration
About The Customer
First Mid-Illinois Bank & Trust is a $1.5 Billion Bank with 37 locations throughout Illinois. Established in 1865, the bank has over 400 employees and is known for its service and experience. Despite its size, the bank maintains a personal touch, recognizing customers by name, while also offering a wealth of products and knowledge. Like most financial institutions, First Mid-Illinois is always seeking new ways to be more efficient, cost-effective, and productive. The bank serves a wide range of customers and is constantly looking for ways to improve its service offerings and customer experience.
The Challenge
First Mid-Illinois Bank & Trust, a $1.5 Billion Bank with 37 locations throughout Illinois, was facing a significant challenge in managing multiple, daily data-related tasks that were time-consuming and negatively impacting productivity. Employees were spending a significant amount of their time on tasks such as product code changes, adjustments to overdraft limits, fee assessments, responsibility code updates, and other manual processes. This left them with less time to serve customers or work on high-value projects. One specific task involved updating accounts that had qualified for the bank’s overdraft protection service, which required two employees to work for two days each month to change the status on an average of 500 accounts. Additionally, the bank began assessing a $1 monthly dormancy fee to inactive DDAs and savings accounts in late-2012. However, their core system was unable to retroactively apply that fee to accounts that were already dormant, leading to the need for manual application of fees, which was a time-consuming process.
The Solution
To address these challenges, First Mid-Illinois Bank & Trust chose Nintex Foxtrot RPA software to automate the multiple data-related tasks that were costing them time and productivity. The software acted as an 'automated employee', handling tasks that their current employees perform with a mouse and keyboard, but doing so quicker and more accurately. The software also maintained security and business rules as it operated through the presentation layer of their existing applications. Nintex Foxtrot RPA was also used to manage the bank’s dormancy fee initiative. The software was used to pull a list of inactive accounts in the bank’s core processing system, and a script was written to go back and assess the applicable fees. This process was completed in a matter of hours, significantly reducing the time required for this task. The bank also used the software to make significant changes to their product offerings to meet new and changing customer demand.
Operational Impact
Quantitative Benefit
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