Business Process Improvement_RPA

Business Process Improvement (BPI) has been an organizational rule for years, but Robotic Process Automation (RPA) software technology has introduced new horizons to strategic planning methodology. BPI takes the hard road so that a company’s day-to-day processes are made easier.

After the painstakingly, labor-intensive analytics of BPI, the resulting changes within a company has traditionally been manual. That is until now. With digital BPI, organizations can leave the manual and mundane tasks behind. Banks review and evaluate their operations, improve the processes and then digitize them through Robotic Process Automation software.

Up, Up & Away with RPA

With RPA software, any number of improved banking processes can be turned on and revamped such as:

The operational advantages of Robotic Process Automation software abound from top to bottom line, which can include an ROI range from six months for a two-hour per day data maintenance task to instantaneous for a system conversion given the considerable fees and time it can save a bank. In fact, a 34-branch bank and trust estimated an annual savings exceeding $560,000 per year.

To digitize BPI, financial institutions should evaluate process workflow or provide a detailed overview to a trusted service provider. Evaluation, recommendations for process automation and a Cost Benefit Analysis should follow the observation of the following operational areas:

  • Deposit and Loan Operations
  • Treasury Management
  • Accounting
  • Retail & Commercial Business Units
  • Wire Room Operations

Function and form should always facilitate the flow of data in a bank’s operations. You never want to automate a bad process. It could be that a system flows well and there’s nothing to change, but don’t take that for granted. Operations managers should perform digital BPI analytics first and then automate the process in question.

Facing intense, constant industry pressures, smart financial services firms never stop learning and trying to advance their business practices. By reviewing and understanding processes and workflows, they can chart a new course toward improved efficiency and productivity. After banks create the new plan with BPI, RPA software can provide the propulsion to reach new operational heights.