Home|Nintex Blog|Using RPA software to expand your bank’s operational horizons: increasing use means speed & savings

Using RPA software to expand your bank’s operational horizons: increasing use means speed & savings

Robotic Process Automation software (RPA) is like the good “Terminator,” except this is business, not a post-apocalyptic movie plot. Our automaton not only helps you survive but also thrive in the demanding world of finance. In fact, KPMG concluded in its white paper, “Rise of the Robots,” that RPA can cut operation costs for banks and other financial firms by as much as 75 percent.

When a financial institution chooses to automate manual data tasks, the results can be significant. However, first, the bank must have buy-in at the management level, from operations and IT to the retail banking division. Change — or the thought of it — can be hard, especially when you’re busy trying to stay afloat in the high-speed and perilous currents of the global banking industry. HfS Research, an analyst authority and global community for business operations and IT services, reported on capital market firms and their RPA software usage and found that:

  • 43% are not using RPA at all
  • 24% are talking about RPA
  • 21% are in the piloting stage
  • 12% are using RPA, but only sparingly

Sometimes to creatures of habit, the short-term sacrifice seems to overshadow the mountain-sized return on investment in the future. Perhaps more importantly, many financial institutions simply are uncertain where and how to begin to transition to RPA, asserted KPMG. Many senior executives will balk at the price tag of replacing or overhauling legacy systems, not realizing that data automation tools, such as RPA software, can be the glue between old and new, enabling disparate platforms with no prior interface to communicate with each other. A 2015 study by Aite Group found that only 21 percent of banking, insurance, and investment firms had a dedicated chief innovation officer (CIO).

RPA software: real productive ally

The advancing tide of robotic advancement cannot be denied because there’s something about fast, good and cost-effective that appeals to business leaders, especially ones dealing with the substantial pressures of high finance. A digital jack of all trades, RPA’s applicability and ease of use are turning heads and generated around 400 unique use cases at a recent conference, especially when interfacing both mobile and online and loan and deposit platforms with core banking systems.

A major need by banks is the implementation of overdraft protection and staying compliant with that service. An RPA software tool can act as the critical connector between a third party’s service and a financial institution’s core system. The robot replicates the keystrokes and other steps that take the customer account numbers and overdraft limits automatically back to the bank’s core system for implementation, achieving speed and consistency that boosts efficiency and compliance.

One financial institution expanded its use of RPA from coding tasks to compliance, credit reporting, controller and other operational needs and saved more than $560,000 per year. The ROI of our software tool can range from six months for a two-hour per day data maintenance task to instantaneous for a bank’s system conversion given the considerable fees and time it can save a financial institution. Also, data automation tools can free workers from the literal and proverbial box so that they can serve in more interactive, appealing and rewarding roles like customer service.

RPA is a safe, easy, accountable way to advance your organization and free up staff. Why not embrace it now? Be one of the first and move your bank’s efficiency needle today. KPMG recommended that bank and credit union CIOs and operations managers employ a “land and expand” strategy with regard to pitching RPA to the board of directors: start modestly but then scale fast.

What starts often as a one-need/patch or trial approach can end with greater peace of mind as bank operations managers realize a revolution in organizational productivity and cost savings. RPA software reduces time spent with regard to data entry and management and expands time for a financial institution’s growth and opportunity.



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