Robotic Process Automation, or RPA, is becoming a common part of the workplace for some organizations while many others are just starting their journey towards process automation. While not being the solution to every automation need, RPA technologies provide the “robots” to automate many human activities. Essentially, bots, acting as human agents, can perform rules-based, repetitive tasks and do so with a higher degree of accuracy and more rapidly than the humans themselves.
Let’s look at a real-world banking example from a large Midwestern bank we are partnering with in the robotics space.
By leveraging a bot, our client was able to reduce the amount of time spent on a portion of their loan review process from 20 minutes per loan to an activity that, on average, runs in about 6 minutes with the aid of RPA. This frees up the loan reviewer to focus on other tasks that require a deeper level of subject matter knowledge and expertise.
Similarly, through automation and the use of scheduled bots, we are averaging 45 minutes saved each morning on the daily DDA balancing process. This allows the employee to begin their day further on in the process – and reduces the overall time it takes to complete the process. The reports are ready when the employee walks in the door rather than having to wait for them before continuing with the process.