As the saying goes, “you get what you pay for,” but in the banking industry that can mean paying for closed accounts in mobile banking or other platforms. Typically, third-party vendors charge on a per-account basis, which means that closed accounts that aren’t purged can cost a bank money.
Whether attrition or transition, banks may have closed accounts that are still open for business in the eyes of vendors. When it comes to offering services, such as mobile banking, the vendor’s per-account billing model puts more pressure on the bank’s operations and data management personnel to stay current and avoid undue expense.
That kind of financial fail multiplied by thousands of accounts can be costly for institutions in a demanding industry where every advantage in speed, accuracy and economy is paramount. This is especially true when it comes to community banks and credit unions that have begun offering mobile banking in the last few years.
The Automated Employee® to the Rescue
Bankers get notices every year from auditors and different vendors requiring that they go into their system, run a report and send back the number of accounts in the system or how many are using the vendor’s software. Closed and unused accounts can be used against you.
Robotic Process Automation (RPA) software can help banks clean up their accounts so they can offer services, such as mobile banking, in the most efficient and cost-effective way. Banks have caught on to the costly and unnecessary reality of dark (and depleting) accounts and started using Robotic Process Automation software to clean and purge closed ledgers, which reduces expenses.
Without the automated employee, this important account management task is costly and labor-intensive. Robotic Process Automation software finds, copies, moves or, in this case, deletes information just like a data entry person would — simply write the script to search for closed accounts with a zero balance — but at a rate of six times faster. This data management capability becomes even more important as a higher volume of community banks offer mobile banking platforms.
Robotic Process Automation software can also help banks effectively navigate Federal regulations. For example, if something impacts Reg E, then a bank’s data management personnel need to make a quick change to all customer accounts. Within that scope, a vendor’s overdraft protection software can analyze and evaluate the nonsufficient funds situation of a mobile or online banking customer by way of RPA software’s connection to the core banking platform. That way the two systems interface and the consumer’s account number verifies that he or she has given the bank proper consent to pay into the overdraft or not – what the vendor calls opt-in or opt-out.
Robotic Process Automation software makes financial institutions more productive by maximizing resources and eliminating waste. In its own version of search and destroy, the automated employee can help banks and their mobile banking platforms root out closed accounts to eliminate unnecessary costs.