IQ Bot and Enterprise A2019 help Patelco alert members about fraud in just seconds

THE WHOLE STORY

The first process automated was for 10-day loan payoffs. When a member wants to refinance or pay off an old vehicle to purchase a new one, they need to pay off the original loan. When this happens, the credit union calculates the balance due and includes any interest to determine a payoff amount that will be valid for ten days. This required working across several different systems. Employees had to look up the loan, do a calculation, then send a document to the member, and make a note in the CRM member service platform.

The manual process created a backlog of requests in the contact center, taking away time from agents to focus on handling incoming calls, and the work had to be handed off to someone else in the back office. This meant payoff letters could take up to 24-48 hours to be sent out, and even longer if the request came in over the weekend. With RPA, an employee submits a payoff request for the member in the member service platform, and the bot goes into the different systems, completes the calculation, creates a letter and sends it out, and ensures notes are up to date in the CRM. What took up to a few days and multiple handoffs is now completed in just two minutes, making same-day processing possible.

Next, RPA was used to help with Falcon fraud alerts. This free-to-members service tracks card transactions to understand buying habits. When a purchase is made outside of the usual patterns, Falcon activates an alert. If a notification is escalated, the member is called, and if they cannot be reached, the card may be temporarily blocked. Managing the alerts was highly labor-intensive, and it was difficult to retain permanent employees to complete the work, so temps had to be brought in. The credit union stopped using temporary resources at the end of 2019, and then another unexpected factor came into play. With the onset of the COVID-19 pandemic and economic uncertainty, finding a solution to manage alerts quickly became even more crucial to ensure members had access to their funds. Patelco turned to IQ Bot to help extract unstructured data from third-party forms and report PDF’s.

Then, Enterprise A2019 is used in tandem to ensure the data correctly matches up with the credit union member. After all the information is processed, the bot communicates effectively back to the cardholder. Prior to automation, it took up to six hours to manage the daily alerts, and some alerts were not processed by the end of the day. With RPA, the work can be completed in just 40 minutes, resulting in an 88% decrease in processing time, and the clearance rate has increased to 83%. This means that members with false positives are getting their cards unblocked sooner, reducing calls to the contact center, and improving our members’ financial wellbeing.