Krungsri Consumer and Kofax awarded Best Process Automation Initiative, Application or Programme at Thailand Financial Technology Innovation Awards Programme 2019
- Krungsri Consumer adopted agile development approach to implement robotic process automation across business lines
- The project resulted in 85% increase in productivity
- It brought reduction of 5,000 man-hours per month equivalent to 30 head count and reduced errors
Bangkok May 31st 2019–Krungsri Consumer and Kofax were awarded Best Process Automation Initiative, Application or Programme at Thailand Financial Technology Innovation Awards Programme 2019. The awards ceremony was held in conjunction with The Future of Finance Summit, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok on May 31st 2019.
Standing from left: Neeti Aggarwal, Senior Manager Research, The Asian Banker; Lisa Patvivatsiri, Senior Vice President, Krungsri Consumer; Mayank Nawani, Sales Manager- Financial Services, Asia, Kofax; David Gyori, International Resource Director, The Asian Banker; Richard Hartung, International Resource Director, The Asian Banker.
Krungsri Consumer adopted agile development approach to implement robotic process automation across business lines.
With the objective of improving customer experience as well as improving its own business efficiency, Krungsri Consumer adopted the ‘bottom-up’ approach in assessment of processes and their selection for automation. Different business units submitted 300 processes, of which the bank selected 24 process for the first phase and implemented robotic process automation (RPA) on Kofax platform. The bank adopted an agile approach for development and spent 3-4 weeks for development depending on complexity of the process, enabling faster automation. Adopted a ‘build’ approach the bank used Kofax as consultant and platform service provider, and built the system on this platform
The project resulted in 85% increase in productivity and improved efficiency
The initiative resulted in 85% increase in productivity for almost all implemented process, as 91% of these processes were fully automated and 9% partially automated. In order to accelerate the change management and bring greater awareness of RPA, the bank selected processes across different business functions in the first phase. This also improved the employee engagement as the process was initiated by engaging business process owners.
It brought reduction of5,000 human-hours per month equivalent to 30 head count and reduced errors
In total, about 5,000 human-hours per month were reduced, equivalent to about 30 headcounts saving, coupled with zero error from operational processes, significantly improving cost efficiency. One example of process automated using RPA was the process of telesales calls to people who leave their contacts on website when they are interested in applying for credit card, and also provide them with information as well as forms for application. Robots were used for 24 manual steps in this process resulting in significant reduction in time (from 127 seconds to 9 seconds) per one pre-printed application. This resulted in saving over a thousand hours per month, 94% productivity increase or about 7 FTE head count saving.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit the Financial Technology Innovation Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157263171314804&ref=page_internal
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker