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In studying customer choice, Clayton Christensen, professor at Harvard Business School, asserts that when customers buy a product, they are essentially ‘hiring’ it to get a job done. This leads to the critical question all banks need to ask: “What job did you hire that product to do?” As the old business adage goes, you can only have two out of the following three: fast, good and cheap.

At the high-stakes intersection of banking and technology, operations managers and staff can have it all with Robotic Process Automation (RPA) software. RPA software tools can speed up manual processes (fast); achieve efficiency while eliminating human error (good); and deliver an ROI ranging from 90 days to instantaneous depending on the scale of the data automation application (cheap).
The Total Package
RPA software is the total package, the “easy button” that facilitates and elevates the critical data processing platform at banks. When an operations manager leaves the small but essential banking details like data entry to the robot — an “automated employee” who shows up on time, works nights and weekends, and then does the job perfectly every time — greater operational efficiencies are achieved.

With RPA software, like Foxtrot, financial institutions can learn to ask even more of their automated employee such as “What jobs did you hire that product to do?” The flexibility of the software expands beyond your initial data need, so that you can cover a wider range of data tasks such as:

• Data processing
• File transfer
• Web scraping
• Data migration
• System conversions

In fact, one financial institution chose RPA software initially for coding changes. Soon the $3.5 billion asset bank used it to automate compliance, credit reporting, controller and other responsibilities, on the way to more than $560,000 per year in savings.

From the home to the office, people buy products to get a job done, and if it does a good job, then they hire it again. With RPA software, banks can employ and enjoy the tool again and again. From highly complex tasks to just the plain and mundane, RPA fast-tracks costly manual processes – saving both time and money – to elevate a bank’s performance.