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South American Bank Uses RPA to Quickly Deploy COVID-19 Loan Forbearance Program
A prominent bank in South America, with more than 6M loan records being actively managed.
As a response to COVID-19, a major South American bank announced a new loan process that immediately reschedules up to 6M loan records, ensuring that any late payments would not trigger automatic delinquent credit notices to credit rating agencies. Manual updates of loan records at 3 minutes each would take a team of 100 people approximately 2 years and cost millions.
On March 16, the bank announced interest-free refinancing of credit lines. The very next day, AAI partners worked with the bank to identify high-value processes. On March 20, development and testing began and was completed in a mere 4 days. Full bot deployment began on March 25, and the bank is currently on-schedule to complete processing by the end of the month, meeting their deadline.
Saved in labor costs
Customer satisfaction rates