success story

UK-based multinational bank reduced audit letter handling time by 70% using AEM and API-based solution

Efficient audit confirmation process is critical for banks to strengthen compliance, mitigate risks, and enhance customer experience. 

A leading UK-based multinational bank was looking at accelerating the audit letter handling process. Manually processing high volumes of audit letter forms was time consuming and expensive for the bank. Disparate data in non-integrated systems delayed the processing time to generate audit letter report requested by the auditor for the banks’ clients. 

Virtusa’s AEM Form and Mule API-based solution reduced the form handling process time by 70%. The solution automated the complete audit letter application handling process and strengthened the client’s comprehensive audit capabilities.

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The Challenge

The bank’s audit letter application ran on a fragmented and outdated legacy system that posed challenges for employees to generate audit letter report on time as per the request of external auditor for bank’s customers.

Manually intensive operations further led to high handling cost, error-prone activities, and longer turnaround time.

The client’s existing landscape had disparate and non-integrated systems that lacked process visibility and audit trail. The lack of standardized processes for managing audit letter handling forms caused process breakage and made the overall audit process complex. 

 

The Solution

Virtusa implemented a user-friendly micro API based solution using AEM Forms and Mule ESB.

The solution integrated with the bank’s existing legacy infrastructure and introduced reusable capabilities. Through a three-tier architecture, the solution could be extended to other businesses by reusing the code.

The automated process generated audit reports, debit notes, and rejection letters and sent them back to the auditor’s email ID or through print/post process. The new system improved process visibility and drastically reduced manual intervention including validation of report with other core banking systems. The solution established an automated connection between other core banking systems to persist the data required for an audit letter report. 

AEM Forms Solution for Banks
The Benefit
  • Reduced application processing time by up to 70% through straight through processing
  • Improved collaboration between business and IT teams
  • Provided a scalable three-tier architecture that was extendable to other markets through the reuse of codes and involved minimum rework 
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