The financial services industry processes billions of dollars in payments daily. A person may not only initiate the transaction, but also perform manual steps as the request flows through the hands of people in Operations Departments. Payments processes are therefore prone to human error, such as transposing errors, entering the wrong account/routing number or value, or selecting the wrong currency/beneficiary.
Funds sent in error between institutions are not always caught – and may not be required to be returned. The investigation and resolution of payment errors is time-consuming and can lead to poor customer experience and regulatory scrutiny.
Using OLI to predict when human errors are likely, we can prompt operations personnel to “slow their input” or “confirm x, y z fields” on that day.
Fewer errors, less time spent investigating and re-processing payments, better customer experience, and evidence of measures to proactively manage operational risk and operational resilience.
We’re proud to be fueling growth and expanding possibilities for individuals, families and businesses. More than 12 million customers counts on us for personal and commercial banking, wealth management and investment services. As the 8th largest bank, by assets, in North America, we help our customers make the most of their money. In Canada, the United States and across the globe, we’ll continue to build, invest and transform to drive performance that services the good that grows.