Monmouthshire Building Society saves over 5,000 hours by deploying new digital workers and automation solutions

Monmouthshire Building Society saves over 5,000 hours by deploying new digital workers and automation solutions

Intelligent automation technology provider, SS&C Blue Prism, has helped the building society tackle unpredictable demand fluctuations, saving more than 560 working days since the project began.

Monmouthshire Building Society (MBS) is serving its customers with a rejuvenated workforce having saved colleagues approximately 5,000 automation running hours – the equivalent of 560 working days – through processes built by intelligent automation provider SS&C Blue Prism.

To integrate the automation process into MBS, a robo-colleague, known as Beanie, was onboarded to be the ‘face of automation’ and officially started in January 2022. Beanie helps colleagues to understand automation and its benefits in working alongside them to complete their daily tasks and has been on a mission to help them by automating manual repetitive tasks, allowing human colleagues to focus greater time and effort on providing a great service to customers. Beanie’s involvement with projects and strategic initiatives will grow this year as MBS continues its journey of being a modern, flexible mutual.

The platform deployed Beanie to manage digital processes and highlight errors and inconsistencies within data records, significantly increasing the quality and accuracy of MBS’s data. The building society has also improved the management, quality and accuracy of its broker input data, from 45% to 95% by adopting the intelligent automation platform.

MBS embraced SS&C Blue Prism’s automation platform as part of its everyday processes in January 2022. It has since implemented a total of 20 automated solutions across nine business areas within the company, including finance, IT, lending operations, product and customer contact departments. For example, digital workers have been deployed within mortgage underwriting and initial mortgage assessments.

  • Beanie gathers the relevant documents submitted by the applicant from the broker portal and inputs this data into the core banking platform.
  • MBS colleagues can evaluate mortgage applications and conduct necessary searches on the applicant.
  • The implementation of new automated processes significantly improved data quality and consistency throughout the business to identify and resolve inconsistencies between core systems.

Based on the initial financial benefits calculations, after deploying SS&C Blue Prism’s automated solutions has saved MBS an annual total of £226,000. This has further enabled them to give back more than 10,750 working hours a year to its employees, empowering them to concentrate on various aspects of their roles within the building society.

Jack Lavington, RPA Manager at Monmouthshire Building Society, said: “Since implementing SS&C Blue Prism’s automation solutions, we have seen huge success across the society. The key benefit of the platform has been the reduction of risk, the management of inaccuracies and errors, and most importantly, the increased capabilities offered when utilising automation. Our colleagues are now confident in placing their trust in the automated platforms and are benefitting from the assistance and additional hours gained to focus on more complex tasks within the business, such as working on complex cases, servicing our customers and focusing on key project and strategic initiatives.

“As a society, we knew that we could not compete in the market without automation platforms. Before implementing the solutions, we had to tackle many process fluctuations, such as seasonal spikes in demand, due to attractive market rates and specific customer-exclusive products. These fluctuations were causing delays and bottlenecks. Now, our automated processes are working 12 hours a day, with an option to switch this to 24 hours a day depending on demand. These processes are improving speed of delivery and identifying and resolving inconsistencies in our data. AI and Machine Learning will set the benchmark for the industry, and we are looking now to implement the next level of hyper-automation within the business soon.”

Colin Redbond, SVP Product Strategy, SS&C Blue Prism, said: “We are pleased to have been able to support Monmouthshire Building Society through the successful implementation of intelligent automation processes across several departments.

“MBS has highlighted the benefits and what can be achieved if approached in the right way. And more importantly, how automation can support and assist employees in their day-to-day work lives, providing them with the opportunity to focus on their personal and professional development. Monmouthshire Building Society has provided a benchmark for other companies looking to adopt automation processes in 2024 and beyond.”

Click below to share this article

Browse our latest issue

Intelligent CIO Europe

View Magazine Archive