A medium sized American banking firm deployed RPA for the first time and completely transformed its banking processes
The bank in question is a medium sized retail and investment banking institution with branches across the United States. Like many banks, it has a wide range of business processes that are essential to its operations, including customer service, account management, and regulatory compliance. These processes are often time-consuming and labour-intensive, requiring significant amounts of manual effort and resources to complete.
To improve efficiency and reduce costs, the bank decided to implement Robotic Process Automation (RPA) technology with Corpshore Solutions. RPA is a form of software that allows organizations to automate repetitive and routine tasks by simulating the actions of a human worker. By using RPA, the American bank hoped to streamline its business processes, improve accuracy, and reduce the workload on its employees.
To implement RPA, the bank in consortium with Corpshore first identified a set of business processes that were candidates for automation. These processes were chosen based on their potential for cost savings and efficiency improvements. The bank then closely liaised with Corpshore to design and develop custom software bots that could complete these tasks.
Once the RPA software was ready, the bank began rolling it out across its account signup, credit scoring, audit and fraud detection sub-departments. Corpshore then meticulously trained selected bank agents on how to use the developed RPA software, and provided ongoing support and maintenance to ensure that the technology was running smoothly.
The implementation of RPA with the American bank has been a resounding success. The RPA software has significantly streamlined the bank’s business processes, reducing the amount of manual labour required and increasing efficiency. This has led to significant cost savings for the bank, as it has been able to reduce its labour costs and improve its bottom line.
Additionally, the RPA software has improved the accuracy and consistency of the bank’s processes. By automating routine tasks, the software has eliminated the possibility of human error, resulting in fewer mistakes and better quality control.
Overall, the implementation of RPA with the American bank has been a success. The technology has enabled the bank to streamline its business processes, reduce costs, and improve accuracy. The bank plans to continue expanding the use of RPA in the future, as it continues to search for ways to improve efficiency and reduce costs.