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Finance and automation: RPA in banking

Streamlining processes and increasing accuracy have always been attractive to organizations seeking to increase their edge over competitors. Banks, in particular, have steadily adopted new technologies as they have become available. At the same time, however, high switching costs force many banks to maintain legacy core systems that aren’t easily accessed by automation software. That’s a key reason for the adoption of RPA in banking.

Perfectly suited to bots

Banks favor RPA because they handle large amounts of data in rules-based processes that can be executed with little human intervention.

An RPA bot can quickly process financial data, accessing various systems and applications and making all the necessary calculations along the way. Key to the value of RPA is that bots mimic human keystrokes and mouse clicks, logging into applications and navigating just as a person would. Bots can handle workloads that

would otherwise burden human employees and diverted them from more valuable, higher-level work.

Let’s look at some specific examples of how businesses in the financial industry can benefit from RPA.

Streamlining the loans process

Manual data entry and processing has previously been a laborious but necessary part of banking tasks, such as managing loans. As with any repetitive process, it’s prone to worker fatigue, boredom, and human error. Customers can become dissatisfied with how slow it often is, and bottlenecks and backlogs of work can easily occur.

Fortunately, machines can now lend a helping hand. RPA bots can be assigned to handle this kind of data processing independently, quickly and accurately. This results in major benefits for businesses.

In fact, our client, Johnson Bank reduced mortgage loan processing time and manual workload by as much as 95%. In terms of the bottom line, that meant an annual savings of $304,000 for one process, and this kind of efficiency boost also makes a big difference for customer service.

“Before Nintex Foxtrot RPA, it took someone a full week to process loan data. With Nintex Foxtrot RPA, it takes only about two hours. That’s an enormous saving of time and money.”

— Rita Kerkman, Johnson Financial Group’s AVP management reporting specialist

Automating admin tasks

Bringing together finance and automation can deliver wins for businesses and customers in many ways. As well as facilitating faster turnarounds and more responsive service, deploying RPA in banking administration tasks empowers employees to provide more personalized, nuanced, and effective customer service.

Our client Standard Bank uses RPA to handle customer data and get a better view of account portfolios, their relationships, and customer profitability. They also use automation in their new-customer account creation and dormant-card purging processes.

Although discovering and closing dormant bank cards manually takes only one minute, the bank deals with as many as 10,000 cards per year. This added up to a sizeable drain on employee time.

Thanks to RPA, Standard Bank managed to reduce their annual card maintenance from a manual process that took over 150 hours to an automatic one that takes as little as five hours.

Nintex Foxtrot RPA can identify a card from among other dormant ones, locate it in Standard Bank’s system, and change that card’s status to closed in about two seconds without any human intervention.

It’s easy to see how new efficiencies like these can have a knock-on effect, allowing employees to focus on areas where they’ll be more effective. This is the power of automation: computers tackle the tasks they’re suited for, while humans handle the work that makes the best use of their abilities.

A bright future for RPA in banking

As banks find more uses for RPA, finance, and automation will become increasingly close partners. In the financial sector, McKinsey estimates that 75 to 80 percent of transactional operations and up to 40 percent of strategic activities can be automated. These figures will only grow in the future.

Nintex is dedicated to unlocking this growing potential for our customers. We aim to make RPA and other automation technology as accessible, simple to implement, and scalable as possible so that businesses can deploy it widely and achieve maximum benefit.

As RPA in banking becomes more widespread, adoption may mean the difference between being able to compete and provide the service customers want, versus being left behind. Harnessing the power of automation is not just desirable for financial organizations anymore: it’s a necessity.

 

Want to find out more about how Nintex can help your bank win using RPA? Get in touch with us today to discuss the possibilities.