Client story

Wealth Management company automates payments

As part of a broader digital transformation project, Credo Wealth was keen to demonstrate the value of Robotic Process Automation (RPA) in driving efficiencies and enabling their existing systems to speak to each other without additional investment, at this stage, in new kit. This automation was also an opportunity to remove one of the daily manual processes and allow the team to focus on more value-added work.

During a Process Discovery Workshop we identified their daily wires (external) and journals (internal) payments as the most suitable processes to use as a Proof of Value for RPA. Both processes have almost identical steps so it made sense to automate both at the same time.

Following a seamless project, with extensive user acceptance testing, the process was up and running within 8 weeks.

Outcomes Annually, 587 hours have been returned to the business with a saving of £10, 262 - plus it’s one less mundane process to do. The automation process has reduced from 5 minutes by the employee, to on average 1.5 minutes. Karl Broadway from Credo Wealth, who was responsible for managing the project says:

“It’s been an absolute pleasure to work with Foundry4. Their developer has been proactive, responsive and helpful - I couldn’t commend them more. As our first experience of RPA, it’s been seamless and it’s a nice change to see the results so quickly."

David Biden, Co-Managing Director of Automation at Foundry4 said of the project:

“Credo Wealth is leading the way in automation in the wealth management sector. Across the financial services sector we see automation play a significant increasing part in changing the way that jobs are performed while gaining operational efficiencies.”

Credo Wealth is creating further business cases for automation across the business based on the success of this so far and considering creating a centre of excellence to deliver and manage RPA in the future.