Simplifying Financial Assistance
Agency: Institute of Technical Education (ITE)
The ITE’s Automated & Intelligent Financial Assistance System Technology (AI FAST) simplifies the processing of more than 22,400 financial aid applications by students.
Previous processes took 1,100 man-days with students submitting documents offline. AI FAST lowered this by 750 man-days, a reduction of close to 70%.
This productivity gain was achieved through the use of an intelligent automated system. Optical Character Reading technology verifies income documents (Income Tax or Central Provident Fund statements) for eligibility for financial assistance. The system also automatically tracks various donor funds and assigns the fund with the lowest utilisation rate to match the applications received, so that all donors’ funds are utilised effectively.
The system relieves administrators of having to manually track fund utilisation and fund balances, and doing monthly reconciliations with the General Ledger. Overall, AI FAST has achieved annual cost savings of close to $250,000 and 750 man-days.
Time savings: 5,250 hours per year