Client remediation is an ongoing operational activity in banks and related financial institutions. Remediation is applicable for regulatory changes, periodic review, news alerts and government sanctions. If the efficiency of remediation is better, then it is advantageous for an organisation from a cost perspective and takes away some of the burdensome processes of relationship managers/front-office
Using modern technologies like BPM (workflows + rules) and software robotics there is a lot of scope for efficiency and cost reduction.

Typical workflow with potential areas of automation

VirtusaPolaris has a built a strong Client Lifecycle Management (CLM) practice working with the top banks and developing in-house solution accelerators. By combining expertise in BPM based workflow automation solutions and software robotics to our solution offerings, the savings and efficiency can be realized at a much faster pace.

Automation opportunities in client data remediation

  • Step 1: The first step involves reviewing the existing client data for risk scores and last review date to create prioritized list of clients. This can be a system generated activity with a case-management rules built-in.
  • Step 2: This step involves examining the clients due for review for business activity and deactivating the ones who haven’t done any business over the last one or two years. This process can be automated by software robotics.
  • Step 3: This includes reviewing steps like document status checking, client vendor data review leading to approval, rejection or seeking additional information. These can be performed by software robots
  • Step 4: This step involves the final update of client status on various systems which can be implemented by software robots.

Business Benefits

  • Faster remediation at a lower cost
  • Better client and front-office experience
  • Cleaner client data reducing business risk