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Automating payments at a wealth management company

Credo Wealth
  • Service Organisational design and change
  • Sector Commercial
  • Duration 8 weeks
  • Client Credo Wealth

How we helped Credo Wealth to adopt automation, changing the way that jobs are performed and gaining operational efficiencies.

Challenge

As part of a broader digital transformation project, Credo Wealth was keen to demonstrate the value of Robotic Process Automation (RPA) in driving efficiencies and enabling their existing systems to speak to each other without additional investment, at this stage, in new kit. This automation was also an opportunity to remove one of the daily manual processes and allow the team to focus on more value added work.

Solution

During a Process Discovery Workshop we identified their daily wires (external) and journals (internal) payments as the most suitable processes to use as a Proof of Value for RPA. Both processes have almost identical steps so it made sense to automate both at the same time.

Following a seamless project, with extensive user acceptance testing, the process was up and running within eight weeks.

Impact

Annually, 587 hours have been returned to the business with a saving of £10,262 — plus it’s one less mundane process. The automation process has been reduced from five minutes to approximately 90 seconds per employee.

Credo Wealth is creating further business cases for automation across the business based on the success of this so far and considering creating a centre of excellence to deliver and manage RPA in the future.

Karl Broadway Project Manager, Credo Wealth
It’s been an absolute pleasure to work with TPXimpact. Their developer has been proactive, responsive and helpful — I couldn’t commend them more. As our first experience of RPA, it’s been seamless and it’s a nice change to see the results so quickly.

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