Case Study
A leading financial services company specializing in retirement, education, and healthcare savings solutions leveraged AI-powered hyperautomation to streamline processes across the organization.
Introduction
This financial services leader recognized the need to streamline operations to support scalability and growth while prioritizing client needs. They embarked on an AI and automation journey aimed at automating time- consuming, cost heavy tasks across the organization. With a focus on enhancing efficiency and driving productivity, they prioritized automating various tasks across departments. Currently with over 25 automations in place, the company has streamlined their 401k file processing, eliminated the need for manual outcalls and paper correspondence, and optimized office access management. This has resulted in significant time and cost savings, allowing employees to focus on what truly matters, delivering exceptional service to clients.
Before AI & Automation
- Highly skilled employees were doing low skill, time-consuming tasks
- Expensive manual processes
- The 401k file process, was labor-intensive due to collecting the required payroll data, transferring the information to a network location, and submitting it for payroll processing.
- Reliance on the government plans department to make 3 outcalls and paper correspondence to gather information for order accounts
- Manually managing daily online reservations and office access across multiple sites, with team members required to complete these tasks 7x a week, often during late-night hours.
Approach
The company has made significant strides in AI & automation across
various departments. In the retirement division, they deployed a bot to
streamline 401(k) file processing, to eliminate manual labor. Additionally,
in the government savings 529 plans group, they eliminated the need for
3 outcalls and paper correspondence, a time-consuming and expensive
process. The facilities team automated daily online reservations, ensuring
associates’ smooth access to offices and averting the necessity for
manual processes during late hours.
Results from AI & Automation
- Improved employee experience
- Significant time and cost savings
- The team has saved 31,236 hours in manual work, which is equivalent to 16 FTEs that have been reallocated to revenue generation activities
- Automation has yielded $1.2M in annual savings for this financial services client
- Streamlined office access management, ensuring seamless operations without manual intervention