Banking is a business where the accuracy of the work performed is, of course, essential. The speed and efficiency with which tasks are performed are also essential. Consequently, banks are prime candidates for robotic process automation (RPA).
RPA uses small computer programs (i.e., “software robots”) that perform the specific, repetitive, data-related tasks for which they were designed. These robots, like our Buddha Botz, complete tasks in a fraction of the time it takes a human worker and with 100% accuracy. They don’t get distracted, take breaks, or get fatigued late in the day. Instead, they churn out work rapidly and consistently whenever they’re executed, allowing the person who previously performed the task to focus on other, higher-level objectives.
Banks Are Saying “Goodbye” to Manual Data Entry
It’s estimated that nearly 35% of U.S. financial institutions still perform data entry tasks manually. That means banks in that category are at a competitive disadvantage compared to the 65% that have embraced automation.
How are banks using RPA? In many ways, including that they can have software robots automatically collect data from websites and other sources, copy and paste information between and among internal applications, validate and route data, and increase processing speeds.
These and other RPA capabilities provide banks with a wide range of operational benefits, including:
- Faster loan processing and approvals. Software robots can search incoming emails for important data, compare and reconcile data from different internal sources, and validate and “clean” data so that applications can be approved—and revenue collected—more quickly.
- Accelerated onboarding and improved compliance. Performing checks related to Customer Due Diligence (CDD) and Know Your Customer (KYC) regulations takes time and effort on an employee. Still, with RPA, it can happen automatically and very rapidly.
- Improved customer service. The faster a customer gets answers to their questions, the happier they are and the more likely they are to speak highly of your bank. Software robots can find and retrieve information in a flash.
These are just some of the ways that banks leverage RPA. The sky’s the limit when it comes to how software robots can help financial institutions operate more efficiently and effectively, including that they can be linked, with the completion of one robot’s task initiating the work of the next in the series.
Your Team as Self-Sufficient Robot Developers
One of the great things about RPA is that with the guidance of a company like Buddha Logic and using an intuitive platform like Kofax RPA, banks can very quickly become self-sufficient when it comes to developing, testing, and launching their own software robots.
We find that after banks get a few robots online, they start to see all the possibilities for automation and are eager to expand their digital workforce. Being able to take matters into their own hands helps them achieve efficiency, productivity and profitability gains even more quickly.
Brainstorming Real-World Use Cases
In some cases, banks are reluctant to embrace RPA primarily because they aren’t exactly sure where and how they would use software robots. If that sounds like your organization, we can help you clear that hurdle in a free 60-minute exploratory call. We’ll talk informally with you about the different processes that are part of your various workflows and provide recommendations on where RPA can deliver the most benefit.
If that would be helpful for your organization, you can book some time with a Buddha Logic business process automation expert by calling 303-807-6528 or contacting us online. There’s no obligation to work with us, of course, but you’ll come away from the session with a better understanding of what RPA can do for your bank.
About the Author
Executive Vice President at Buddha Logic, Larry Matthews has more than 20 years of executive management experience and is responsible for the company’s operations and customer facing functions, including business development, sales enablement, professional services, finance and corporate administration. His work with other successful technology companies has honed his skill for improving operational performance while maintaining a positive bottom-line result at Buddha Logic. Find and connect with Larry on LinkedIn.