The Client
Mid-sized U.S. Credit Unions
Business Challenge
- Extracting tax data manually for reporting was a cumbersome process, leading to delays in payment
- Missing payments or incorrect extraction led to claims and penalties
Solution
- Data extraction needed to get Tax Data , Tax Bills &Tax Receipts from Agency websites
- Extraction of Tax data from PDF documents – required to increase speed and reduce error
- Downstream processes studied to assess impact from incorrect processing, and effect on customer satisfaction & service levels
Execution
Illustrative results from BCP Testing
- Tax bot implemented to specifically extract Tax data and documents for quicker processing
- The bot can also use screen scraping and PDF to populate tax information
- Automated pulling Escrow and Non-Escrow data from ~400 agencies
- Bot tweaked to extract the tax data based on Parcel Number or Parcel Address
- Manual review of extracted tax data file for to highlight errors (e.g. top 5 and 5 lowest amounts)
Value Delivered
- Total reporting process time reduced from average 4 min to less than 5 seconds for a parcel
- Reduced the total process time by 70
- From 3 – 5 mins for a single parcel to less than 5 secs
- Accuracy of 100% achieved
- Bot extraction error rates were 0%
- Turnaround Time requirements met 100% of the time
- Irrespective of the volume inflow
- Cost Reduction of 55%
- The automation reduced cost while
- Avoiding claims
- Meeting turn around time