As automation-first companies such as Amazon, Uber, and Netflix continue to set the standard for consumer experiences, others, including financial institutions, are looking to create the same sort of efficiencies in their operations.
During a breakout session at the CUNA Operations & Member Experience Council Conference in Chicago on Wednesday, representatives from UiPath provided an overview of how they are helping credit unions employ robotic process automation (RPA).
“This market is starting to explode because the tools and technology are becoming more advanced with artificial intelligence and machine learning coming into play, and automation becoming increasingly reliable,” says Paul Bruning, UiPath’s financial services leader, North Central U.S.
Bruning says consumers currently experience 3 “points of friction” when interacting with financial institutions:
Robotics are also used to automate employee tasks. Initially, those jobs were menial tasks that left employees available for more meaningful work with members and customers.
“We’re seeing more of those opportunities move across the transaction life cycle closer to the front office,” Bruning says. For example, UiPath’s clients are using automation in areas such as risk and compliance because automated processes are virtually error free compared with manual processes.
In implementing RPA, most financial institutions form centralized teams that identify the member journey and outline a framework for automation.
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