Bank service - Robotic process automation

From the first automatic loom in 19th century France and the earliest U.S. Census counting machines to present-day business systems, computers have depended on the manual efforts of human operators for their performance. As industries and their information have become bigger and bigger, data automation has become an increasingly important need. In our white paper, 4 Reasons Why an Automated Employee is Right for your Financial Institution, we further discuss how the need for speed and efficiency has led financial institutions away from the old manual mode — and the accompanying human error — to the automated employee, Robotic Process Automation (RPA).

Imagine a financial operations employee who always shows up on time, works nights and weekends, anticipates your needs, and then does the job perfectly every time. That is a reality with RPA software, a.k.a, the automated employee. RPA enables banks and credit unions to save time, money and headaches in the always critical handling of their business information. Data must be entered into a company’s core system and then maintained. These key functions can now be automated for increased operational performance in the demanding world of finance.

Faced with having to change the ratings codes in 120,000 customer records to follow the guidelines of the Bank Security Act, one financial institution used RPA software to automate data entry for the code changes and to update all the records in less than six hours. Time is money, and there’s less of both in today’s banking world given the speed of business and increased regulations. This institution saved in waves, with speedy execution first and then no wasted resources later, not having to rectify data errors.

The traditional data management approach does not build value. Leading banks and credit unions leave the tactical to the high-tech tools and the service and strategy to the organizations’ human beings, who make a difference delivering to other human beings, the customers. Whether through planning, serving customers or execution, financial institutions hire employees to expand opportunity and grow business. When personnel are head down, stationary, and entering and changing data, they’re not looking ahead for new opportunities to build the business. In Olympic swimming terms, it’s a treading-water approach versus going for the gold. Also, data outsourcing means less capital for other projects. Big data demands can mean big tradeoffs.

Across a wide range of platforms and applications, RPA can intelligently automate the routine and repetitive tasks of data entry, maintenance, integration, migration, aggregation and testing. Banks and credit unions can automatically update account data, board loans, execute hot-card processes and more, regardless of the core system they use. In addition, the robot’s simple setup means it can be used by both IT and business personnel alike, empowering the latter in particular to solve their own problems. With its many advantages, RPA has inspired these proactive personnel or “heroes” to spread the automation and savings around to other parts of the organization.

Data automation, the linking of disparate systems, applications and software so that they become self-acting and self-regulating, will speed up your processes, reduce errors and expense, and drive greater value. RPA, the automated employee, helps you maximize resources so your financial institution can maximize business opportunities.

Download 4 Reasons Why an Automated Employee is Right for your Financial Institution