Leading financial institution automates code validation with EXL's Code Harbor™
For companies in the financial sector, adapting to rapidly changing regulatory and risk policies is an ongoing challenge, particularly when it involves legacy systems and production scripts. This leading financial institution is no exception. Operating in a highly dynamic and competitive industry, the organization needed a scalable, efficient, and error-free approach to align its production scripts with updated policies while ensuring compliance and maintaining operational efficiency.
EXL's Code Harbor™ solution offered a transformative approach to optimize and automate the labor-intensive, error-prone processes of script validation and update rollout.
Challenge
Updating production scripts is a routine necessity for financial institutions subject to evolving risk policies. However, the process posed challenges, including:
- Manual intensity: Updating Python and Java production scripts to reflect policy changes demanded significant manual effort from the institution's teams.
- Time delays: Manual processes often caused delays in adhering to policy update timelines.
- Error susceptibility: The lack of automation meant a higher likelihood of discrepancies and errors creeping into the updates.
- Resource drain: Skilled personnel were tied up in repetitive tasks rather than focusing on strategic initiatives.
The institution recognized the critical need to modernize its approach and sought a solution that could minimize manual intervention, ensure compliance, and streamline the end-to-end process.
Solution
To address these challenges, EXL implemented its proprietary Code Harbor™ solution, a generative AI-powered platform tailored for code assessment, transformation, testing, and validation. The following key steps were executed:
1. Discrepancy identification
Code Harbor employed intelligent AI agents to compare existing production scripts with updated risk policies, effectively identifying discrepancies and ensuring compliance.
2. Automated validation using synthetic data
Leveraging AI, synthetic data was generated to perform comprehensive validation of the new scripts. This enhanced accuracy and reduced reliance on manual validation efforts.
3. Exception handling and automated testing
Rigorous testing procedures were executed with inbuilt exception handling to detect and resolve potential issues. Minimal human intervention was required throughout the testing phase.
4. Seamless production rollout
Code Harbor™ ensured timely rollout of updated production scripts by automating the final stages, enabling the institution to stay within critical regulatory timelines without compromising on quality.
Additionally, Code Harbor’s flexibility allowed the solution to integrate seamlessly with the institution’s existing infrastructure, ensuring an efficient and scalable implementation.
Results
The implementation of Code Harbor™ delivered measurable results, significantly enhancing the financial institution’s process efficiency. Key outcomes included:
- 1.6x faster script validation
- 50% reduction in user acceptance testing and reconciliation efforts
- 50% faster rollout of production updates