Banco Galicia is Argentina’s largest private domestic bank providing comprehensive and high-quality financial services to customers across the country. When a bank customer owns a credit card but doesn’t use it over a long period of time, the bank still has to pay the service fees to the credit card providers regardless of whether that account is operational. And, Banco Galicia had 2.6 million accounts in its system.
Founded in 1905, Banco Galicia provides millions of Argentinians with easy access to high quality financial products and services. And this includes operating credit card accounts for a large customer base. Maintaining the accuracy of its data was challenging and could lead significant costs. The bank needed a faster way to audit data. And they found it, thanks to intelligent automation.
Banco Galicia is Argentina’s largest private domestic bank providing comprehensive and high-quality financial services to customers across the country. The bank looked to increase operational efficiency by reducing repetitive manual tasks, allowing employees to focus their time on value-added activities and maintaining an outstanding customer experience.
When a customer owns a credit card but doesn’t use it over a long period of time, the bank still has to pay the service fees to the credit card providers regardless of whether that account is operational. And Banco Galicia had 2.6 million accounts in its system. Manually auditing this data and closing the inactive accounts would take significant time and resources. In addition, the accounts had to be closed within a three-month timeframe to meet the targeted efficiency goals set by both the business and technology teams.
Identifying and closing non-operational accounts was a relatively simple task. However, the sheer scale of the data meant manually processing this information was slow and resource intensive. Banco Galicia needed a way to speed up the process, so they worked collaboratively with their partner Accenture, who addressed this challenge with the Blue Prism intelligent digital workforce.
The digital workers began by identifying which brand the account belonged to (VISA, American Express or MasterCard), then accessed the corresponding applications to confirm there are no outstanding balances, and lastly performed the account closure. The accounts were closed automatically, and the credit card providers were informed.
Enabled by intelligent automation, the process is now fast and efficient, and has significantly reduced Banco Galicia’s exposure to unnecessary fees. Clearing the backlog resulted in an impact of $2.9 million USD and staff avoided spending 16,700 manual hours on the project, allowing resources to focus on value added tasks. Moving forward this process will be executed on a monthly basis, avoiding costs and manual efforts—and increasing efficiency and productivity.
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