Abanka was facing an increasing number of received enforcement orders on a daily basis that needed to be processed and enforced in accordance with statutory requirements as quickly as possible. They wanted to reduce delays due to manual processing and increase the accuracy of the proceedings, since in this crucial process any, even tiny, error could result in a financial risk for the bank.
The enforcement orders are sent by authorized issuers to banks to be enforced. The Slovenian financial administrative authorities sent over 300 thousand orders each year to Slovenian banks.
Large quantities of enforcement orders on a daily basis
“As enforcers of decisions, we faced extremely large quantities of enforcement orders on a daily basis that needed to be processed by hand immediately after receiving them since they were in paper form. The average enforcement order was a 10- to 15-page document from which we had to manually enter over 30 different types of data into the bank’s computer system. The manual input of data was naturally time consuming and prone to errors, while also incurring significant costs. These orders then had to be stored for a long period of time, which consequently resulted in considerable storage costs, and it was time-consuming to have to search for and retrieve documents,” said Monika Radovič from Abanka. “Digization has cut the costs of manually inputting data and storing documents significantly,” she added.
The rational decision to digitize processes
All these reasons led Abanka to decide to digitize its enforcement order handling process. In cooperation with Mikrocop, they put in place organizational and technological solutions that immediately converted received enforcement orders into an electronic format from which all data that was needed to be entered into the bank’s computer system was captured and then processed exclusively electronically. This implemented solution enabled the receiving of both paper and electronic enforcements; their unified input into the bank’s back application and immediately reduced the bank’s expenses up to the establishing of e-enforcements.
Smaller delays, greater accuracy
“The aims of implementing the paperless processing of enforcement orders were to reduce the delays arising from manual processing and increase the accuracy of the proceedings, since in this crucial process any, even tiny, error could result in a financial risk for the bank.” The digitization of the enforcement order process also reduced the burden on bank employees, who could then focus more time on other tasks while also reviewing the documents and process more efficiently.