Robotic automation sets service standards
Amazon, Uber have set the standard for consumer experience.
As automation-first companies such as Amazon, Uber, and Netflix continue to set the standard for consumer experiences, financial institutions are looking to create the same sort of efficiencies in their operations.
“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:
- Burden. Consumers have little patience for filling out forms, with scanning, optical character recognition, and encryption technology available.
- Delays. Even waiting for a few hours is a pain point with consumers today.
- Multiple touch points. Today’s most successful retailers conduct business through a single touch point.
Companies are using robotic process automation (RBA) to automate employee tasks, leaving employees available for more meaningful work with members.
“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.
Bruning addressed the co-located 2019 CUNA Technology Council & Operations & Member Experience Council Conferences.