Lockbox Solution for a leading US regional Bank

Ring-out human errors, ring-in efficiency

Like any process requiring human intervention, speed and accuracy remain a risk for the bank’s manual processing of handwritten checks. Also, global situations like Covid-19 pandemic can pose critical operational challenges impacting the manual servicing capability. To ensure better business outcomes and enhance customer experience, the bank wanted an efficient, resilient, and cost-effective process.

An automation engine with assured Automation

V-Labs, an SLK company, helped the bank transform its check processing by offering an automated solution that reads handwritten documents accurately and efficiently. Solution offered with a unique outcome-based model that offers zero automation cost.

The solution amalgamates an AI-powered engine with RPA to understand and interpret handwritten documents and extract data with over 90% accuracy—establishing new benchmark in industry.

With a consultative approach, SLK synthesizes people, processes, technology, and applications into one holistic operational and business optimization strategy powered by automation and ensures minimum 50% savings, which is higher than any other business model.

The bank uses next-gen technologies like AI/ML, IDP and RPA that seamlessly integrate with the existing workflow without impacting the functioning of the current application.

The automated system is highly scalable with increased hardware capacity and adaptable to other check processing solutions like item processing, fraud operations, and remote deposit.

The inbuilt ML ability ensures a quick and efficient response to any new variants or customer rules.

The SLK Solution is agnostic to the changes to up-stream and down-stream applications.

The unique outcome-based model assures zero cost for automation, and higher savings than any other business model.

Empowered by the accuracy, speed and efficiency that the automation brings, bank is re-imagining a new bottom-line for Business Operations.