Nintex Case Studies Streamlining System Data Entry and Maintenance Tasks at Institution for Savings

Edit This Case Study Record

	Streamlining System Data Entry and Maintenance Tasks at Institution for Savings Nintex

Streamlining System Data Entry and Maintenance Tasks at Institution for Savings

Nintex

Technology Category	Analytics & Modeling - Robotic Process Automation (RPA) Functional Applications - Computerized Maintenance Management Systems (CMMS)
Applicable Industries	Finance & Insurance Retail
Applicable Functions	Maintenance
Use Cases	Time Sensitive Networking
Services	System Integration
Challenge	Institution for Savings (IFS), a $2 Billion financial institution with seven full-service locations throughout Massachusetts, was grappling with multiple, time-consuming manual processes in various areas of the bank. The bank was seeking a new way to reduce the time and cost associated with these processes. In 2009, IFS migrated their existing core to a new core system. Although the conversion was successful, inconsistencies and formatting errors in some of their customer data still remained and required more time to correct. Additionally, a pending implementation of a Bank Secrecy Act compliance solution created a conflict between that solution and the existing risk fields already present in their core. This necessitated more manual work to remove the risk fields in up to 20,000 customer information files (CIFs). In 2014, the state of Massachusetts changed the withholding rate on some investment accounts, including IRAs. ISF representatives would need days to manually change the withholding rate on each of over 200 IRA accounts. The resulting delays and occasional keying error would mean less time spent with customers and more time with data. Read More
About Customer	Institution for Savings (IFS) is a $2 Billion financial institution with seven full-service locations throughout Massachusetts. Founded in 1820, it is one of the oldest savings banks in the country, priding itself on its philanthropy and investment in their community. The bank was facing multiple challenges related to manual data entry and maintenance following a conversion to a different core system. In subsequent years, withholding rate changes and field updates in their core system presented additional challenges. The bank was seeking a solution to reduce the time and cost associated with these manual processes. Read More
Solution	To save time formatting data after their core conversion, and to maximize productivity in these and many other tasks going forward, the team at Institution for Savings turned to Nintex Foxtrot RPA, for an automated solution. Nintex Foxtrot RPA software works like an “automated employee,” automatically performing data entry and maintenance tasks in the presentation layer (i.e. user interface) of web, Windows, and legacy / emulator applications, just like a person would. Representatives from Institution for Savings were able to instruct Nintex Foxtrot RPA on how to perform a particular task, then have Nintex Foxtrot RPA go and repeat those actions with total accuracy. One of IFS’s first tasks after investing in Nintex Foxtrot RPA was automating data clean up following their 2009 core conversion. The bank shaved days off of their initial attempt, turning a days-long data cleansing project into an automatic process that took hours, by simply writing a script that contained the steps needed to execute the task. Nintex Foxtrot RPA handled the workflow with total accuracy. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Robotic Process Automation (RPA)

Functional Applications - Computerized Maintenance Management Systems (CMMS)

Applicable Industries

Finance & Insurance

Retail

Applicable Functions

Maintenance

Use Cases

Time Sensitive Networking

Services

System Integration

Challenge

Institution for Savings (IFS), a $2 Billion financial institution with seven full-service locations throughout Massachusetts, was grappling with multiple, time-consuming manual processes in various areas of the bank. The bank was seeking a new way to reduce the time and cost associated with these processes. In 2009, IFS migrated their existing core to a new core system. Although the conversion was successful, inconsistencies and formatting errors in some of their customer data still remained and required more time to correct. Additionally, a pending implementation of a Bank Secrecy Act compliance solution created a conflict between that solution and the existing risk fields already present in their core. This necessitated more manual work to remove the risk fields in up to 20,000 customer information files (CIFs). In 2014, the state of Massachusetts changed the withholding rate on some investment accounts, including IRAs. ISF representatives would need days to manually change the withholding rate on each of over 200 IRA accounts. The resulting delays and occasional keying error would mean less time spent with customers and more time with data.

About Customer

Institution for Savings (IFS) is a $2 Billion financial institution with seven full-service locations throughout Massachusetts. Founded in 1820, it is one of the oldest savings banks in the country, priding itself on its philanthropy and investment in their community. The bank was facing multiple challenges related to manual data entry and maintenance following a conversion to a different core system. In subsequent years, withholding rate changes and field updates in their core system presented additional challenges. The bank was seeking a solution to reduce the time and cost associated with these manual processes.

Solution

To save time formatting data after their core conversion, and to maximize productivity in these and many other tasks going forward, the team at Institution for Savings turned to Nintex Foxtrot RPA, for an automated solution. Nintex Foxtrot RPA software works like an “automated employee,” automatically performing data entry and maintenance tasks in the presentation layer (i.e. user interface) of web, Windows, and legacy / emulator applications, just like a person would. Representatives from Institution for Savings were able to instruct Nintex Foxtrot RPA on how to perform a particular task, then have Nintex Foxtrot RPA go and repeat those actions with total accuracy. One of IFS’s first tasks after investing in Nintex Foxtrot RPA was automating data clean up following their 2009 core conversion. The bank shaved days off of their initial attempt, turning a days-long data cleansing project into an automatic process that took hours, by simply writing a script that contained the steps needed to execute the task. Nintex Foxtrot RPA handled the workflow with total accuracy.

Impact #1	The implementation of Nintex Foxtrot RPA at Institution for Savings resulted in significant operational improvements. The software was able to automate many of the manual processes that had been costing the bank time and money. This not only saved significant time compared to manual data entry but also ensured total accuracy, eliminating the risk of keying errors. The bank was able to automate data clean up following their 2009 core conversion, significantly reducing the time required for this task. The software was also used to change the withholding rate on IRA accounts and to remove redundant risk fields in their core that conflicted with their new BSA system. This might have been a job that the bank simply would not have done as it might not have been feasible. However, with Nintex Foxtrot RPA, they were able to handle this job efficiently and effectively.

Impact #1

The implementation of Nintex Foxtrot RPA at Institution for Savings resulted in significant operational improvements. The software was able to automate many of the manual processes that had been costing the bank time and money. This not only saved significant time compared to manual data entry but also ensured total accuracy, eliminating the risk of keying errors. The bank was able to automate data clean up following their 2009 core conversion, significantly reducing the time required for this task. The software was also used to change the withholding rate on IRA accounts and to remove redundant risk fields in their core that conflicted with their new BSA system. This might have been a job that the bank simply would not have done as it might not have been feasible. However, with Nintex Foxtrot RPA, they were able to handle this job efficiently and effectively.

Benefit #1	Nintex Foxtrot RPA automatically updated up to 20,000 customer records in hours
Benefit #2	Saved significant time vs. manual data entry
Benefit #3	Turned a days-long data cleansing project into an automatic process that took hours

Benefit #1

Nintex Foxtrot RPA automatically updated up to 20,000 customer records in hours

Benefit #2

Saved significant time vs. manual data entry

Benefit #3

Turned a days-long data cleansing project into an automatic process that took hours

Download PDF Version

Overview

Streamlining System Data Entry and Maintenance Tasks at Institution for Savings

Operational Impact

Quantitative Benefit