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BANKING

Collections Automation Saves Card Provider $15M


The Challenge

Having grown through acquisitions, this U.S.-based provider of branded credit cards for retailer loyalty programs has more than 40 million customers and manages an enormous volume of financial transactions on a range of inherited internal systems. Because these systems didn’t interoperate, efficiently managing collections operations across different credit portfolios was a challenge. Resolving customer disputes about authorized charges was time-consuming and expensive. Frustrated with surging operating costs and the lack of interoperability, the company asked Cognizant to improve their internal finance and accounting systems.


Our Approach

Adopting a multipronged strategy to overhaul the client’s accounting system, we set up a Center of Excellence (CoE), implemented a robotic process automation (RPA) platform using UiPath, conducted two pilot bot implementations as proofs of concept that included eliminating redundant data entry processes and created a pipeline of processes to automate—all in less than 45 days. We then addressed two other pressing challenges: the spiraling costs of debt collection and managing customer disputes. To improve collections and trace card users in default, we developed a solution in which more than 50 discrete process bots automate repetitive tasks such as locating the telephone numbers of account-holders and their acquaintances from public records and adding new information to the internal collections management application. To resolve disputed charges, our RPA solution automatically extracts customer information from four credit bureaus, further eliminating manual activities.

Realizing Massive Savings

Our solution delivered immediate and tangible ROI across five core finance and accounting processes, reduced average handling time for customer disputes and scaled up operations to handle 400,000 dispute cases annually at greater than 95% accuracy. The new digital workforce will also scale as the organization grows. The client recently doubled its CoE allocation to focus on intelligent process automation.

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$15M savings

in annual operational costs

60% reduction

in average handling time for customer disputes

95% accuracy

in handling 400,000 disputes annually


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