At last month’s NCR Innovation Conference in our nation’s capital, EnableSoft joined more than 500 attendees to discuss the important connections and tools financial institutions should leverage for increased growth and efficiency. All the major banking vendors were in attendance and focused on collectively raising the bar in the industry. The multi-day presentations and “idea tanks” at the NCR event fostered a strong environment of collaboration and innovation. Specifically, one presentation spoke to the value that we strive to provide to our clients.

In the presentation, “Innovative State: Growth Opportunities for Entrepreneurs and Innovators,” Aneesh Chopra, former Chief Technology Officer of the United States of America, discussed the ways technology can spur innovation. This is where Robotic Process Automation (RPA) software comes in.

Innovation & Automation

Automation works best when banks and credit unions choose to innovate first as Chopra points out in his presentation. Users of Robotic Process Automation software, such as Foxtrot, can fast-track costly manual processes, from highly complex financial tasks to just the plain and mundane. This elevates a bank’s performance while saving both time and money. RPA’s extensive applicability and ease of use for the bank operations team leads to increased initiative, with personnel often enthusiastically “Foxtrotting” additional tasks. Innovation mixed with collaboration leads to better execution and more efficient use of resources.

RPA software uses range from simpler tasks such as merging addresses and purging inactive contacts from a customer directory to massive debit card reissues after a data breach. An IT department can use RPA as “middle-ware,” especially useful when two systems don’t communicate with each other. Additionally, the software tool can be deployed as a service to perform updates to various applications in real time.

Time Is On My Side

RPA software compresses the time it takes to perform manual tasks while expanding the time for managers and staff to not only serve customers, but also continue to brainstorm on best practices. To build a culture of innovation, a bank must free its employees from manual processes.

“We’re the just-in-time API [application program interface],” said Richard Milam, CEO of Enablesoft. “We can get things done today without having to wait for software development to happen.”

Like the companies in attendance at the Innovation Conference, nearly 500 businesses worldwide have found out that using RPA software to efficiently and effectively automate data entry, maintenance, integration, mining, migration and testing projects can save thousands of dollars and countless man-hours. It also allows a financial institution to devote resources to continued innovation.