Credit unions improve data accuracy with robotics process automation

Client background

MEMBERS Development Company (MDC) is a thought leading research and development organization serving around 60 credit unions and financial service industry partners. MDC seeks to identify unique and innovative ideas and technologies that allow credit unions to accelerate growth, improve productivity, and increase the loyalty and satisfaction of credit union members.

The business challenge

The MDC credit unions involved with the Robotics Process Automation (RPA) project include Coastal Credit Union, Farmers Insurance Federal Credit Union, and Kinecta Federal Credit Union. The credit unions wanted to address the following business challenges with RPA technology:

  1. Data accuracy and consistency across multiples systems
  2. High volume of manual, tedious and routine processes and transactions
  3. Business processes across disparate systems

The Baker Tilly approach

Baker Tilly was engaged to provide its proven automation software implementation approach and RPA expertise, guiding the credit unions through the following key steps:

  • Aided the credit unions in identifying the potential RPA use case candidates and selection of the most impactful use case.
  • Reviewed the selected use case with cross functional stakeholders. Assessed the high-level automation potential with the software vendor.
  • Developed a business case and ROI model to set targets for the cost, time, and labor savings associated with automation.
  • Created the automated use cases within the software design studio with RPA software vendor and validated the robot’s compatibility with existing IT landscape and legacy systems.
  • Created an RPA implementation roadmap to guide the credit unions on their future automation endeavors.
  • Provided an enterprise-wide process integration plan to address future state workflow.

The business impact

Adoption of new RPA concepts

  • By leveraging the RPA opportunity checklist, each credit union now understands how to identify and select future optimal RPA candidates and use cases.
  • Documentation and standardization of business process, and requirement to identify all micro details down to the keystroke level.
  • Business case and ROI goal setting that validates and enables senior management to endorse an RPA project.
  • Establishing a focus on training, communications and staffing reallocation to ensure the organization embraces the new technology and creating a strong base for establishing the automation Center of Excellence (CoE) to support RPA adoption.

Strengthened staff productivity and efficiency

  • Overall, the credit unions achieved 60% reduction in staff time (related to the RPA use cases).
  • The accuracy of all the use cases was increased to 100%.

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