IRVINE, Calif.--(BUSINESS WIRE)--Kofax®, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, today announces Netherlands-based Intelligent Automation customer, Rabobank, has just developed a number of innovative Robotic Processing Automation (RPA) robots to streamline COVID-19 related loan modifications. These robots have not only provided much needed financing to Rabobank customers in need, but just one of these has already saved the bank 50,000 hours, and Rabobank expects the total hours saved will be well over 100,000.
“As the Dutch government provides much-needed loan relief to support struggling businesses dealing with significant turnover losses, the job falls on lending institutions like Rabobank to institutionalize the program and modify loan documents accordingly,” says Eugenie Wouterse, Product Owner Robotics at Rabobank Lending. “This presented a massive challenge as ordinarily we would have had to do this manually. But in only five days we were able to build a Kofax RPA robot to automate the process and in only 10 days the robot processed the first activity. We believe this will help our customers by accelerating relief to struggling businesses – while at the same time saving us approximately 50,000 hours of manual work.”
COVID-19 and measures taken to restrict its spread in the Netherlands are significantly impacting businesses and resulting in financial loss. To help address this, the Dutch government has installed measures to help small businesses. Specifically, those who have loans with microcredit providers don’t have to repay their loan for a period of six months. Additionally, during this period, the interest on those loans will be reduced to 2 percent.
Rabobank Lending has hundreds of thousands of these loans; compliance with the new government measures would require modifications to all of those outstanding loan documents – a massive project under any circumstances – and updates had to be completed as quickly as possible to deliver urgently needed loan relief.
Immediately after the announcement from the Dutch government, Rabobank’s Center of Excellence (CoE) for RPA started building a Kofax robot that would automatically update these many thousands of loan documents to reflect the modified payment terms. The CoE completed the build in five business days, and was able to finish processing all loans in a little over two weeks, enabling them to quickly comply with the new government measures and get relief out quickly to customers. The bank estimates it would have taken approximately 50,000 full time employee (FTE) hours of work to make these loan modifications without the Kofax robot.
“This is one of many robots we’ve created since COVID-19. After three years of continuous optimization, refining our approach and working with our partner, Kofax, to expand the features of the tool, the Robotics Centre of Excellence is now able to deliver a steady stream of value in short timescales, and therefore play a crucial role in delivering important services to our clients, even in times of rapid change,” says Steven van Uffelen, Head of the Robotics CoE of Rabobank. “We’re now able to leverage our team of citizen developers and an extensive library of building blocks to deploy optimized and robust robots in one-two weeks in almost any part of the business.”
“We’re all operating in uncharted territory during this pandemic. Kofax isn’t unique in our desire to help our customers as they struggle to maintain operations during the crisis,” says Dave Powell, Senior Vice President of EMEA at Kofax. “But we’re unique in that our Intelligent Automation solutions, like Kofax RPA, have particular value and urgency today. Organizations like Rabobank must act quickly and with agility to face these new challenges, and we’re thrilled our technology is empowering them to do so.”
About Rabobank
Headquartered in The Netherlands, and operating across 39 countries, Rabobank is one of the 30 largest financial institutions in the world, and is a global leader in agribusiness financing and sustainability-oriented banking. A cooperative bank, it maintains a strong focus on customer connections and providing socially responsible financial services. Using the latest digital technologies is a crucial part to realise these goals.
About Kofax
Kofax software enables organizations to Work Like Tomorrow™ – today. Kofax’s Intelligent Automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. We combine RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to ease implementations and deliver dramatic results that mitigate compliance risk and increase competitiveness, growth and profitability. Kofax provides a rapid return on investment for over 25,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its award-winning software and solutions through its direct sales and services organization and more than 850 indirect channel partners and integrators in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
© 2020 Kofax, Inc. Kofax is a registered trademark of Kofax Limited.
