A leading BANK in Sri Lanka drives greater EFFICIENCY with John Keells IT

One of Sri Lanka’s leading financial establishments who is ranked within the top five largest licensed financial institutions among 46 Non-Banking Financial Institutions (NBFI) in Sri Lanka, needed to significantly cut down on the manual efforts being expended in the execution of much of their backend processes, in order to optimize on existing business potential. The company also had a scalability problem at hand where they could not accommodate volume growth without necessitating an increase in human resources.

Considering the prevailing context of labour-related growth limitations, it was proposed by John Keells IT (JKIT) to automate much of the manual backend processes relating to core business functions that included credit, recovery, gold loans, and insurance through an RPA initiative.

UiPath; a leading global RPA platform was selected for building the implementation framework on the basis that it would offer the largest integration eco-system for RPA, which included interfacings with multiple Core Banking Systems, Microsoft Azure, and cognitive services such as IBM Watson, Microsoft, and Google AI. The solution, which was developed as a collaboration between JKIT and UiPath, also included process-focused bot assignation towards creating a virtual workforce that can cost-effectively transform backend capabilities without interfering with the underlying infrastructure.

By reducing the number of data entry operators through the RPA, a minimum monthly saving on staff costs of LKR 3,934,000 was realized. Process productivity was significantly improved due to the capability of bots being able to function around the clock, with no lag in efficiency or effectiveness. Scalability of processing capacity became an agile element, as the increase / decrease of bot populations to suit operational demands could now be achieved immediately at a minimal cost. The staff thus freed from mundane and repetitive tasks were allocated to focus on more value-adding work roles such as business canvassing and relationship building. As a result, this company has been able to enhance profitability and business sustainability through the productivity gains afforded by RPA.