First Citizens Bank drives seamless automation with Pega RPA
100% accurate data extraction using optical character recognition
23 complicated processes automated within 2.5 years using bots
Guided reps to provide the best service possible with AI-powered workflows
“The first thing we have seen is you have to trust the bots. You have to take a leap. Unless you take that leap, somebody else will take the leap, and you will realize it after a particular point in time. And by that point in time, you are already delayed.”
The Business Issue
First Citizens Bank has more than 550 branches and offices in 23 states. Founded in 1898 with just $10,000 in capital, it now offers a range of general banking services. First Citizens has never forgotten that for its customers, financial decisions are life decisions.
To meet the evolving needs of its customers and stay ahead in a competitive market, First Citizens knew it needed to streamline and automate operations. A series of mergers and acquisitions meant the bank also needed to integrate multiple systems and processes, reduce manual intervention, and enhance customer experience. Additionally, there was a growing need to implement AI-driven solutions to improve efficiency and decision-making.
The bank strategically chose the Pega PlatformTM to automate and optimize operations and serve as a single platform for all servicing needs. With Pega’s AI-powered workflows, customer service representatives are guided to provide the best service possible.
The solution learns and adapts to new data in seconds for continually improved decision-making. Using Robotic Process Automation (RPA), First Citizens bridged gaps between systems. In 2020, both attended and unattended bots were deployed and facilitated the automation of more than 23 complicated processes within two and a half years.
Here are two examples:
- Optical character recognition (OCR) and data extraction: Using Pega’s AI, machine learning, and RPA capabilities, First Citizens created an orchestration system that could process documents regardless of format and extract key information with 100% accuracy. This solution streamlined processes that previously required manual data extraction, reducing errors and enhancing efficiency.
- Reconciliation automation: Recognizing the complexities of reconciling data across multiple applications, the bank utilized RPA and AI within Pega to automate the data reconciliation process. This project allowed the bank to connect legacy systems, extract, process, and feed data accurately across various applications. The automation significantly reduced errors, ensured accuracy, and improved overall efficiency.
First Citizens now has a one-stop-shop for client interaction. The new solution in Pega identifies, routes, and validates client requirements with natural language processing, AI-powered decisioning, and continuous machine learning. Every email is collected and fed back into Pega’s machine learning algorithms, and sentiment analysis teaches customer service representatives how to reply appropriately. In addition, OCR and data extraction eliminated the need for manual data entry, saving valuable time and reducing errors. The RPA-powered reconciliation automation dramatically reduced the time and effort required for data reconciliation across multiple systems.
From a customer experience standpoint, customer service representatives are now empowered to provide faster responses and better support using real-time insights. The turnaround time for any inquiry has also decreased due to automated cases and self-service capabilities.