There are three means of conducting bank business: analog, digital and automated. Analog banking involves the slow and inefficient use of pens/pencils, paper and filing cabinets, a system that is extremely vulnerable to mistakes, errors and duplication. Digital banking is a step more advanced and includes the use of spreadsheets, email, hard drives and servers. But, while the tools and systems used are digital, data input and multi-platform synchronization is still done manually.
Phasing in Process Automation: Making the Transformation in a Series of Steps
Criteria for Determining Which Bank Processes to Automate First
Process Simplicity and Inefficiency
Another inefficient and costly process that affects almost every department in a bank is cross-platform migration. Moving data from one platform to another manually — because the two software programs or systems are incompatible — is another relatively simple and cost-beneficial process automation priority.
IT Capabilities and Potential
As process automation under the purview of the IT department, the first thing bank management must determine prior to developing or integrating process automation is whether or not:
- The bank's IT department is capable of maintaining, troubleshooting and upgrading the robotic process automation.
- The IT department is capable of developing robotic process automation software.
If a bank's IT department is not capable of developing robotic process automation software, automating the process will require assistance from an outside source. During development of the bank's process automation, the bank's IT department should work hand-in-hand with developers in order to assure that they are capable of maintaining, troubleshooting and upgrading the robotic process automation software once development is complete.
Most Likely Process Area Candidates for Automation
While every bank is different and there is not a universal formula for determining which processes to automate first, there are a few general bank processes that are typically ideal for automating in the first stages of a process automation transformation.
Primary and End-to-End Processes
Simple processes that are often time-consuming and require the bank to pay absorbent percentages of bank employees' salary for include:
- Data Management — Enterprise-wide data governance, entry and storage standards, data accessibility, etc.
- Client Onboarding — Gathering personal information, opening an account, reviewing mortgage applications, wealth management/trusts, etc.
- Relationship Management — Account customer requests, customized & sophisticated service delivery, consultation, collaboration, process time-requisite reduction, etc.