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Dynamic Tool Uses RPA
Louisville, Kentucky-based BSG Financial Group provides banks and credit unions with a cloud-based overdraft protection service called CourtesyConnect/CourtesyLimit. The risk management component of the software, CourtesyLimit, creates a discretionary overdraft limit based on about 20 different algorithms associated with each checking account.

Unlike fixed overdraft limit programs that assign the same limit to each account type, BSG Financial Group’s software assigns a new limit each day based on the account holder’s ability to repay. These dynamic limits provide account holders with better customer service while also managing risk to the institution. To be effective, the files containing the overdraft limits must be sent to the bank or credit union and uploaded into its core processor each day. This is where RPA software becomes the critical connector between a vendor and a financial institution’s core system.

The Facilitator
Many of BSG Financial Group’s clients use RPA software to replicate the key strokes and other steps that relay customer account numbers and overdraft limits to the institution’s core system for implementation. RPA streamlines a daily Monday through Friday routine that would otherwise slow down a bank’s operations team.

Might the “automated employee” finally give the “middle man” a good name?

The overdraft protection service allows a bank to better serve its customers and, at the same time, generate additional service fee income. According to SNL Financial, the three biggest banks in the country made more than $5.1 billion last year from overdraft fees. With the help of RPA software, BSG Financial Group’s overdraft protection software can help a financial institution reap the advantages of additional revenue, improved compliance and better service. The automation also translates into improved consistency in data quality, processing time and a bank’s overdraft decision-making.

When you put a robot on the job, you reduce human intervention (ad hoc overdraft decision-making) and speed up the process. Free of those mundane file transfer and other obligations, overdraft and branch managers can focus on all-important customer service and higher-level projects requiring human intelligence.

“The RPA software has helped us help our clients who were facing a potential technological hurdle,” said Jeff Harper, president of BSG Financial Group. “RPA makes it easier to get our program installed at the institution so we can all reap the rewards more quickly. When we share the Foxtrot name with our clients, we are confident that they are going to be treated well.”