Before Robotic Process Automation (RPA)
Depending on the procedures, protocols, and infrastructures of each institution, steps to process debit or credit card fraud significantly varied. Still, certain steps used to be followed, namely, collection of disputed transaction data from the web-based core banking system; gathering and investigating of information associated with the claim; and processing of the debit/credit card fraud disputes via CMS – card management system.

Without the help of technology or automated solutions, every single step would be conducted manually, from data gathering and data processing to decision making. For some banking institutions, transactions could be handled by batch, while for others, they needed to be resolved separately. This traditional method was not only time-consuming, discouraging, repetitive and overwhelming for workers but was also prone to more errors. Given the fact that there were thousands of card fraud claims per day, it was a challenging task for financial institutions to ensure accuracy and speed through conventional techniques, most of which were based on human intervention.

After Robotic Process Automation

Data Gathering: Collecting information on disputed transactions is the first and foremost step bank employees have to follow. Robotic Process Automation (RPA) solutions can help navigate and log into the web-based system of the bank, select a date range, and export the transaction data. To gather additional information from numerous internal databases or public domains to give a holistic view of customer data for fraud analysts robots can be utilized.

Data Processing: After relevant data is captured, Robotic Process Automation (RPA) can assist bank employees in removing duplicates, and formatting and refining data to make it fit for use. When this automation solution is combined with Artificial Intelligence (AI) technologies such as Intelligent Document Processing (IDP), Text Analytics, and Machine Learning (ML); the robot can track activities, collate payments, determine anomalies, and identify fraud patterns. Apart from freeing up humans from repetitive and monotonous tasks, RPA also ensures higher accuracy and enhanced productivity, as it can self-learn from previous cases, thereby reducing time spent on subsequent disputes at most.

Decision Making: RPA has revolutionized the back-end operations of banking organizations, and debit/credit card fraud processing is not an exception. The automation solution has been able to significantly reduce costs while easing financial employee workloads, as well as increasing the quality of fraud processing and minimizing the number of human error-related issues. While the issues faced by financial institutions in detecting and processing fraudulent card transactions may continue in the future, Robotic Process Automation, more or less, can empower efficiency in resolving these challenges.

About IGT in RPA
IGT Solutions has an extensive experience in back/front office automation leveraging Robotic Process Automation (RPA) as the means to automate business processes which are high volume, repetitive, prone to human error and come with stringent regulatory compliances. The tasks can include queries, calculations, reports and maintenance of records and transactions.
IGT has a team of RPA specialists who have successfully automated processes for some of the major players across industries.

Author:

Himanshu Gandhi is a Project Manager at IGT Solution’s Robotic Process Automation (RPA). He has 14 years of diverse work experience as a Senior Consultant and Project Manager for Digital Transformation across Airlines, Food and Beverage, and Banking industry. He can be reached at Himanshu.gandhi@igtsolutions.azurewebsites.net.

The post Automation in card fraud detection for the e-Commerce Industry appeared first on IGT Solutions.

Automation is one such powerful tool that can help contact centers to shift the control of manual back-office look ups and simple front-line interactions away from customer service agents. This unlock of agents’ bandwidth offers contact centers an opportunity to reduce waiting time for customers, add new services to their portfolio, improve value for money for clients as well as end customers.

Automation in contact center is seen across functions with varying degree of complexity ranging from simple tasks such as customer triage to human-like interaction using virtual agents. Let’s have a look at some of the key use cases being implemented across industries:

1. Intelligent chatbots to support agents

Intelligent chatbots are trained to engage in human-like conversations by programming with conversational abilities and a self-learning network. They can be deployed to answer simple questions & FAQ’s instantly and seamlessly escalate the complex concerns to live agents.

2. Simple handling using advanced IVR

Interactive Voice Response (IVR) systems have been around for long proving its advantages of 24/7 availability, call routing, and large call volume handling. While traditional implementation was focused on customer service through vocal scripts, newer technologies are extending capabilities to Smart voice assistants, Visual IVR, Biometric authentication and Smart IVR.

3. AI/ML-enabled Intelligent Call Routing

Unlike traditional rule-based routing, Intelligent Call Routing provides unmatched speed, accuracy and responsiveness by leveraging AI/ML-enabled algorithms. These algorithms combine various customer and agent-level inputs such as caller input, customer historical data, sentiment data, agent profile to map the customer with ideal agent. ICR, further, shares customer nuances with live agents to ensure personalized service.

4. Backend automation using RPA

Handling a customer call requires service agents to fetch information from disparate computer applications, hampering the speed & accuracy. RPA solves this problem for contact centers by integrating data across different systems and automating workflow, shifting agent’s focus to value-adding interactions with customers.

As per a global study on digital transformation by BCG, ~70% organizations fail to implement digital solution due to lack in preparedness & execution. This points toward the need to develop an integrated approach for implementation of automation. A well laid out roadmap of overall strategy, partnering with right solution vendors, and agile implementation & monitoring systems becomes paramount to achieve desired business results. We utilize an iterative approach to help clients in ensuring successful automation implementation:

1. Analyze: Identify and prioritize right processes for automation through detailed assessment and value impact analysis.
2. Automate: A careful evaluation of automation solutions across technical requirement, financial business case, and positioning system should be carried out, followed by a selection of implementation partner.
3. Optimize: Before going live with the entire solution, choose 1-2 use cases as proof of concept. Extensive testing under different scenarios should be conducted & system should be optimized to ensure that the it stays in operation even if processes change.
4. Monitor: Contact centers should closely monitor the success rate of automation implementation against defined operational KPIs.
5. Measure: Considering the massive benefits of automation on financial ROI and day-to-day business activities, it is imperative for contact centers to ensure that automation delivers maximum value impact.
6. Control: A mechanism should be put in place to immediately track any deviation from the set processes.

We envision this cycle as a continuous loop to recognize new automation opportunities and improve existing solutions.  While we strongly believe that automation is a necessity in today’s world to match customer’s expectations in terms of speed and operational efficiency. But it should be noted that automation is a pillar of support to enhance agent efficiency and hence it is of utmost importance that we do not see automation as a replacement of human empathy but rather a bionic tool to complement & enhance agent’s capabilities.

The post Automation – A key pillar of support for enhanced CX appeared first on IGT Solutions.