Why AIB chose Circit
AIB is a universal bank continuously looking for ways to enhance their digital and online services.
Circit is an Irish audit evidence platform with a wide customer presence. This collaboration is an exciting new venture as AIB can offer Auditors and Customers another secure and efficient alternative from paper forms which isn’t reliant on post and email channels.
of requests coming in via Circit can be handled without additional input
of confirmation requests sent via digital platforms
KEY IMPROVEMENTS
97% of requests received via Circit are completed first time, with no rework.
Queries are addressed and resolved in real-time with auditors.
Circit’s platform dashboard gives AIB real-time visibility to manage all requests with maximum efficiency and transparency across all teams.
No reliance on paper or post, meaning supporting hybrid work forces and sustainability agendas.
INTRODUCTION: Audit confirmations – CHALLENGES
In 2018, AIB received two thirds of all audit requests by post. Through ongoing work between digital platform providers including Circit’s onboarding team and AIB’s in-house digitalisation, only a third of requests are now paper based.
How AIB benefits from Circit
One of the main benefits for AIB is the ability to communicate directly with the auditors by raising a query or seeking clarity through the platform.
Another key improvement is the overview Circit provides. In the ‘With Provider’ queue, AIB can see requests when they come in and process them right away. This way, the request goes directly from the auditor to the AIB workflow on Circit without delay.
On the Circit platform, requests can be filtered by request type and who they have been assigned to. Requests can also be pinned so they are easily accessible. This provides a simple workflow that allows AIB to manage and delegate work across teams to ensure that SLAs are met.
With Circit, AIB completes 97% of requests without additional input, a huge time saver. But what about the 3% where additional information is required?
“Circit is very good for direct communication between the auditors and bank. AIB mostly uses the free text box to seek clarity. Auditors can go in, edit the existing document, add any additional information and send it back to AIB. With other services that is not the case. The auditor has to start the request from scratch, which can be quite cumbersome. This unique service that Circit provides reduces the burden of rework.“
Circit’s support
Circit also provides weekly emails and operational support to every bank and partner, providing excellent training to the auditors (and bank staff) so that they can easily use the platform.
Circit has adopted changes based on AIB’s feedback for example, bulk release and approval of documents. This ongoing collaboration keeps the two parties focused on supporting their customers.
Summary
AIB’s journey with Circit has brought them a much greater degree of digitisation, as well helping them vastly improve their overall operational efficiency and response times.
“I’d say Circit is very easy to use, and I know a lot of my colleagues share that view as well. Seems to me that as an auditor, it’s also much smoother to use.”