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Case Study

  • Project name: Discrepancies Resolution using Risk Bots
  • Category: Product
  • Client: Leading Luxury Retailer

Transaction Discrepancies in Savings Scheme of a Luxury Retailer resolved with Risk Bots

Problem Definition :

Leading Jeweller based India that had savings scheme as an offer, where customers can pay monthly installments for a future purchase and also has benefits of better prices, discounts & offers.

Due to dispersed systems and weak checks and controls, there were significant discrepancies between Savings Scheme Ledger & Accounting Records leading to customer complaints, manual matching & delayed operations.

Solution

Tectalik Risk Bots created for reconciliation resolution management, could match and resolve Savings Scheme – collection, closure, cancellation & renewal data with Accounting Records.

Further, the Robotic Process was also applied for periodic reconciliation of future transactions resulting in complete elimination of discrepancies and progressive balancing.

Further, Savings Scheme Monitoring Bots, helped the Jeweller to be alerted for:

• Delayed or defaulted collections

• Missed dues

• Renewal Conversions of closed Saving Schemes

• Credits lying in suspense accounts not posted in Customer Ledgers

Benefits:

Clarity on customer balances improved the speed of sales closures apart from the accuracy of records of Customer, resulting in improved confidence levels.

Monitoring Bots helped the company to continuously scan the Savings Scheme transaction exposures, exceptions, and proactive take measures to improve collections, conversions, etc.