4 signs your financial institution is ready for robotic process automation

If you’ve recently visited your bank or credit union’s website, or opened your mobile banking app, you may have noticed a chatbot or virtual agent popping up to field questions you might have. These bots are excellent customer experience tools and a true time-saver for bank call centers.

But there is much more going on behind the scenes with a slightly different kind of bot. Despite what the sci-fi movies might depict, these bots are not here to eliminate people — or jobs in banking and lending. They are here to reallocate employees onto higher-value and more innovative work while boosting productivity and saving your organization valuable time.

Surprisingly, 90 percent of financial institutions indicated that they have already implemented robotic process automation (RPA) in one department, according to a recent study by Frost & Sullivan. And 86 percent plan to add RPA in another department within the next 24 months.

The report also shows that robotic process automation positively correlates with organizational success and profitability.

Can you imagine if your financial organization could easily automate the high-volume, repetitive, and manual data tasks that plague departments that manage customer onboarding, loan processing, or compliance reporting? And what if there was no system integration requirement or custom code needed?

Say hello to RPA.

What is robotic process automation?

Robotic process automation is advanced software that lets you design, deploy, and manage bots that interact across your internal enterprise systems, websites, web portals, desktop applications, and other data sources. Using RPA, you easily automate the high-volume, repetitive tasks that a human employee would perform like extracting data, filling in forms, or moving files.

Best of all, you can program robotic process automation to run anytime, day or night, with or without human support.

Signs you need robotic process automation

Taking on a new piece of software typically requires setting aside financial and IT resources and evaluating how the new software will impact other enterprise systems. But with RPA as a low-code standalone software application, the upside far outweighs the effort, cost, and risk of doing nothing.

Here are four signs your organization might be ready to get started with RPA:

1. Manual and repetitive tasks still exist.

If you see workers in your organization manually moving large amounts of data from a spreadsheet to a core system, manually routing large numbers of documents or tickets from one point to another, or spending significant time on compiling data for ongoing reporting requirements, your organization could benefit from automation technology. Even with a modern enterprise information architecture, some financial organizations still have opportunities to enhance efficiencies and reduce costs with RPA.

 2. Human errors are impacting your organization.

There is simply no room for mistakes or delays in a highly regulated industry like financial services, especially when it involves audits or compliance reporting. Robotic process automation bots can handle large amounts of repetitive work much faster than employees and make zero mistakes. This frees your employees to move away from the mundane and rote tasks — and focus on more satisfying work like customer support, exception handling, or business performance analysis.

3. Your digital transformation projects have stalled.

Let’s face it. The best plans can sometimes get sidelined when more pressing issues arise like budget deficits, temporarily closed offices, or unplanned business disruptions. If your digital transformation efforts have taken a back seat or legacy system upgrades are years away, RPA can bring some much-needed relief to overworked departments that may be inundated with high-volume, manual data tasks.

 4. Customer satisfaction scores are dropping.

If your financial institution’s CSAT or NPS scores are tanking due to poor customer onboarding, account servicing delays, or back-office information bottlenecks, RPA may be the solution. With an increase in fintech startups and a competitive business climate, traditional financial organizations must offer a stellar omni-channel customer experience to stand out.

How to begin

Getting started with robotic process automation can seem overwhelming at first. Still, most organizations find that starting a small pilot implementation in the IT, Finance, or HR department before scaling up is a good approach.

The opportunities for financial services organizations to use RPA are endless, but a few that seem to be more common include:

  • Credit card processing and dispute exception handling
  • Loan processing and validation tasks like credit checks
  • Loan operations tasks, including follow-up notes for customers
  • Capturing data in one system and moving it to another for audits and reporting
  • New customer onboarding tasks
  • Tracking account closures and sending notifications for required documents

Don’t fear the bots. They are not here to take jobs, but to reallocate knowledge workers onto more important and fulfilling work. Robotic process automation is quickly becoming a differentiating factor within automation techniques and a powerful addition for financial organizations seeking to optimize their digital journeys.

Is your financial institution ready to reduce costs, improve efficiency, and maximize your human capital? If you’re ready to learn more about what Hyland RPA can do for your organization, check out this Frost & Sullivan report to discover key takeaways from a survey of 400 IT and business decision makers about robotic process automation implementations.

Barb Booth is Hyland’s solution marketing manager for the financial services and insurance industries. She has earned an MBA and a BS in Business from the State University of New York. She’s worked in both sales and marketing roles across enterprise software and the publishing industry. She enjoys traveling, hiking, and cycling—along with spending time at home on Boston’s North Shore with her husband and two cats.
Barb Booth

Barb Booth

Barb Booth is Hyland’s solution marketing manager for the financial services and insurance industries. She has earned an MBA and a BS in Business from the State University of New... read more about: Barb Booth