convedo Intelligent Process Automation Blog

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.

Customer-side digital banking is not new. From ATMs to online banking, digital banking has been a reality for customers for decades. Banks without a certain degree of automation find it difficult to compete in a personal and business banking market that puts a premium on convenience and efficiency.

Surprisingly, however, back-office banking at many institutions still requires a great deal of effort and personnel to maintain. Even more surprisingly in the digital age, back-office banking practices still include large amounts of paperwork. But robotic process automation is changing that.