Challenge
Eliminating errors and employee overload
A leading provider of retail, business, and institutional financial services worldwide, the bank was focused on delivering exceptional customer service and efficient operations.
To strengthen these efforts, it identified opportunities to improve its accounts payable (AP) operations and boost the experience for employees, suppliers, and customers.
But its legacy systems created several challenges, including:
Inaccurate OCR: Designed to convert different types of documents into editable, searchable data, the OCR technology fell short of user expectations, leading to employees wasting time fixing errors
Manual processes: Employees had to manually intervene in many AP workflow tasks, creating bottlenecks that slowed the process and reduced productivity
Slow exception handling: Manual processes made it difficult for employees to quickly resolve mismatches, leading to unnecessary stress and delays in payments
Duplicate payment risk: Checking for duplicates was time-consuming and error-prone, risking vendor relationships
These challenges held the bank back from scaling its operations effectively, driving up costs and creating cash flow headaches. Plus, employees felt strained, which impacted the service experience for customers and suppliers.
Solution
Combining smart automation and agentic AI
Working in partnership with the client, we implemented the Genpact AP Suite – a solution from our Service-as-Agentic-Solutions portfolio. By using Genpact AP Suite modules, we combined intelligent automation with deep industry expertise to streamline operations and reduce manual effort.
These unified, integrated modules enable seamless end-to-end processing. From capturing invoices through Genpact AP Capture to addressing exceptions with an invoice matching module and validating payment integrity using smart anomaly detection, the Genpact AP Suite acts as an autonomous, agentic ecosystem.
Here's how we overhauled the company's AP operations:
Genpact AP Capture: Powered by Microsoft Azure, the module uses advanced agentic AI to extract data effectively from invoices, automatically classifying and enriching the information with multilingual support and dynamic prioritization
Intelligent invoice matching: Built on Salesforce, this module automated exception handling of mismatches and reduces reliance on manual processes for non-purchase order (PO) invoices
Smart anomaly detection: Our anomaly detection module emerged as a crucial solution to combat the risk of duplicate payments and spot anomalies in transaction patterns. With machine learning (ML) algorithms, it flags duplicate invoices and detects unusual billing amounts
Impact
AI-driven operations with a human touch
The collaboration has delivered meaningful results across every dimension of its AP operations for both people and processes.
People: Manual workloads reduced by up to 99%, thanks to significantly improved OCR accuracy. With fewer errors and faster resolution of invoice issues, the team is experiencing greater job satisfaction. And customers and suppliers are now receiving timely, accurate payments, further enhancing business relationships
Processes: By automating key steps in invoice capture, validation, and exception handling, the client unlocked faster processing times and significantly reduced operational costs. Enhanced anomaly detection has virtually eliminated duplicate payments, strengthening financial controls and boosting confidence in payment integrity
Technology: The Genpact AP Suite platform continues to enable better invoice prioritization and quicker payment cycles. The company is already seeing early indicators of up to a 30% reduction in working capital leakages and a projected 40% cost optimization. Most importantly, the new solution is built to scale and is ready to adapt to evolving business needs
We're continuing to refine the solution and assess its long-term impact. Together, we're uncovering new ways to empower employees, optimize operations, and deliver an even better experience for customers and suppliers.
