As the world moves into an on-demand, as-a-service economy, WorkFusion makes its software-as-a-service automation products an elastic, on-demand capability with the Intelligent Automation Cloud.

AI-driven RPA software has turned out to be a critical capability and competitive advantage for businesses across the globe. Most of the world's renowned and accomplished companies are deploying WorkFusion's Intelligent Automation products to transform their business operations, better serve customers, and create new business models.

Background of the Company

The rapid rise of AI and automation, along with the changing roles of people in the workforce, have created both complexity and opportunity for individuals, businesses and entire countries. WorkFusion's purpose is to reduce this complexity and help its customers exploit the opportunity through products that pair people with intelligent software robots.

WorkFusion is headquartered on Wall Street in New York City with teams throughout North America, Europe and Asia.

Business Challenge

A leading private sector bank needed to enable its customers to open new accounts across digital channels as a part of its KYC (Know Your Customer Process) without staking the standards of the bank for examining applications. A high volume of daily request is generating via documents in distinct formats. The average daily volume of application ranges from 8,000 to 40,000.

Why WorkFusion?

The company claims to boost business results working on various aspects using Intelligent Automation technology. WorkFusion claims to raise productivity by 70 percent and reduce manual efforts by 90 percent through IA. While speeding up the processing by 4 times, WorkFusion commits to deliver cost savings of 80 percent.

The company has also been placed as a leader in Everest Group's Intelligent Document Processing PEAK Matrix™ 2019.

WorkFusion works with those companies which incorporated forward-thinking choosing Intelligent Automation to reduce cost and upskill their workforce while gaining a competitive edge against rivals.

As the company claims, WorkFusion's high-speed 1–6–12 go-live program lets companies deploy intelligent automation rapidly: a 1-day feasibility assessment, 6 weeks of training, and the solution in production within 12 weeks or less. It's a major leap in the speed at which Intelligent Automation can be implemented.

Solution

WorkFusion provided the bank's operations personnel with Smart Process Automation which is the former's product combining RPA with cognitive automation and OCR capabilities including human in the loop for variety handlings. The team designed an automated workflow to receive, verify and extract applicants' data for opening a new account. The technology processes 10 document types, validates its accuracy and check it against a framework containing nearly 100 rules and regulations.

Benefits

The collaboration streamlined automation choice which is less dependent on a human yet provides traceability and auditability for data-centric companies. The automated end-to-end compliance examines and validates documentation instead of compelling operations personnel perform manual checks.

Results

The incorporation of Intelligent Automation resulted in an increase in human productivity by 70 percent and a reduction in turnaround time from 48 hours to nearly 3 hours for the bank. The product captures data in an auditable format to ensure compliance and allow traceability. The overall IA encouragement projected $5 million in savings.