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How to automate banking processes post-COVID-19

In the aftermath of the COVID-19 outbreak, the financial sector has more than enough to deal with. Loan applications are flooding in, administrative tasks are overflowing – it’s a busy time for banks. Little wonder, then, that many are now eager to automate banking processes wherever possible.

But although workflow automation and robotic process automation (RPA) are powerful tools, they aren’t a magic wand. When you start thinking about how to automate your business processes, the first step is to figure out what to automate. Which processes are a good fit for the technology and should be prioritized for automation?

So many processes… which to choose?

Financial organizations can achieve the greatest value when they apply RPA and workflow automation to processes that meet the following criteria:

  • Workload is high: Time-consuming, highly manual work where bottlenecks and backlogs can easily occur.
  • Accuracy is imperative: Where it’s vital to reduce the risk of mistakes generated through fatigue or human error.
  • Time is money: Areas of work where expediency has a direct impact on cash flow, customer satisfaction, and other vital business processes.

An ideal example: loan application processing

Given the above criteria, you probably have a few ideas in mind already, and loan application processing may be toward the top of your list. Let’s quickly explore the context many find themselves in today:

Loan applications are coming in thick and fast – fueled by the havoc COVID-19 has brought to personal and business finances everywhere. Workers have stacks of applications to work through. They’re getting tired, the pile of applications is mounting up, and maybe errors are creeping in. Customers are impatient that their applications are taking so long to process, and until they’re completed, the account can’t move forward. A perfect place to start if you want to automate banking processes.

Helping you automate SBA-PPP applications

Back in the first quarter of 2020, the US government unveiled the CARES Act to combat the pandemic’s impact on small businesses. We saw how vital financial automation could be for organizations needing to automate loan application processing in the sudden huge volumes, quickly. That’s why we provided free RPA and workflow software solutions to automate the SBA-PPP process.

Organizations implemented our easy, no-code solutions in as little as 72 hours. That’s vital agility and a first-mover advantage, at a point in time where the ability to adapt quickly makes all the difference. If you’d like to find out more, you can watch the free on-demand webinar from Nintex and Peak Consulting, which includes best practices for processing SBA applications and valuable insights into how community and regional banks are managing this year’s unprecedented volumes of applicants.

Many other opportunities for finance automation

But even before our current times, workflow automation and RPA have been providing much-needed efficiencies and value to finance businesses. With our help, customers such as Johnson Financial Group reduced the number of hours spent on mortgage application processing by an impressive 95%. And thanks to Nintex Advanced Workflow, ANZ Bank can now process 30% more loan applications per month.

These technologies also make compliance simple. Documents such as contracts can be autogenerated using your pre-approved templates and routed quickly to approvers or customers. Furthermore, a digital paper-trail is automatically created, so audit time is now much smoother when it rolls around again.

RPA and workflow automation can be applied to all kinds of financial data processes. For instance, Standard Bank is now able to use RPA for credit and debit card maintenance, assigning customers to staff members, identifying customer account portfolios, and more. Mid-Illinois Bank & Trust can now automate a wide range of laborious administrative tasks such as adjusting overdraft limits, which saved time and more than $10,000 within the first two months of implementing RPA with Nintex.

These are just a few examples. As time goes by, more and more organizations are discovering innovative ways to optimize their operations by using workflow automation and RPA in banking.

Ready to automate banking processes?

When you automate banking processes, there’s a wealth of possibilities at your disposal. You just need to consider where best to start and keep a keen eye on the areas where the greatest value is.

And there’s never been a better time to get started. In an uncertain climate, banks face the need to tighten up their operations, do more with less, and ensure they have a greater competitive advantage than ever. We believe that workflow automation and RPA can be of great help.



Want to learn more about how you can automate banking processes such as loan applications? Get in touch with our team today. We’d be happy to discuss the possibilities.



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