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    5 must-read Robotic Process Automation articles for credit union technology leaders

      RPA
    August 19, 2020

    As credit union leaders, you may be hearing more and more about Robotic Process Automation (RPA) solutions and their emergence in the financial services space. Serving to automate, simplify and create efficiencies, RPA solutions offer great advantages to financial institutions to quicken processes and tasks.

     

    For credit unions, the adoption of RPA solutions allows for an increased ability to serve members more effectively. However, unlike other technologies, RPA solutions are unique in how they do this. Credit unions have many processes and tasks that are repetitive in nature, and RPA solutions enable the automation of these processes and tasks to be completed more effectively so humans can be re-purposed to deliver on the member experience. When it comes to these repetitive processes, it simply takes longer for people to perform these tasks and they run the risk of making more errors than an automated process would. RPA allows you to reduce the time it takes to complete processes and tasks, while increasing the accuracy of information flowing through the organization. RPA solutions allow credit unions to dedicate more staff to be part of a member-centric experience rather than working on monotonous tasks behind the scenes.

     

    To help you learn more about RPA and how it could benefit your credit union, we did a deep dive into RPA thought leadership and have curated a list of compelling articles. These will allow you to build your own understanding of the role RPA can play in financial services and how you can use these solutions to adapt, transform and improve the operations of your business:

    1. Gartner – Finance Robotics: Automation in Finance
      If you’re looking for some quick insights on how RPA solutions offer value to financial institutions, this is a nice quick read. If you’re interested in learning about the cost efficiencies of these solutions when it comes to helping humans remove mundane tasks from their plates, this article helps to articulate some of those efficiencies.
    2. Telus International – How RPA can benefit financial services firms
      There is a common misconception that humans will be replaced by robotics. This article outlines how to balance making inefficient, human-involved tasks into automated actions to free up humans’ time so teams can focus on the big picture. By reducing the amount of effort spent on manual, repetitive tasks, people are free to direct their attention to areas where there is greater demand for human interaction.
    3. Great Minds Consulting – Robotic Process Automation (RPA) for Financial Services
      With technologies as transformative as RPA, you need to think small and think big. This article helps with identifying the individual components of a process that you can automate, while including some end-to-end examples of what a fully automated process could look like. Maybe this will help spark some ideas for use cases you have within your own organization.
    4. InfoPulse - How RPA And AI Revolutionize the Banking & Finance Industry
      Approaching RPA solutions from a different view, this article will interest those who are responsible for the AML functions within their credit union, as it offers insights into reducing fraud through automation. While the other articles focus on cost reduction and increasing human availability, this article makes the point that reducing human error is also be a valuable benefit to investing in an RPA solution.
    5. Ntansa - Why RPA Is So Important For The Bank And Financial Services Industry In 2020 And Beyond
      Finally, this article provides additional valuable insights into the benefits that can come following the implementation of an RPA solution, and details why RPA solutions will become essential to the banking industry in the near future.

     

    With the evolution and adoption of enhanced automation solutions, financial institutions will be able to recognize the efficiencies of this technology and share those efficiencies with their members in terms of cost and time. An important last note is that robotics is not intended to outright replace human labour, but rather to re-purpose human labour from behind a computer screen to in front of members in a more interactive way.

     

    If you’re as excited as we are about RPA becoming a new reality for credit unions, share this post on your social channels with your own perspective, and don’t forget to tag us!

     

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