Could robotic process automation and AI help your organization survive and prosper?
Sponsored by OnBase by Hyland, a CUESolutions provider
Financial institutions could accumulate “nine times more unstructured data than structured data by about 2020.” Applications for accounts and loans continue to require more verification than ever before, requiring hundreds or even thousands of data points for a single credit union member.
An enterprise content management system is vital to managing all of this information. But painstakingly slow and error-prone work is still required to gather much of it. This gap is often where robotic process automation solutions come in.
But what is RPA, other than an industry buzzword? And is AI the same thing? Read on to find out.
Repetitive Work Done Well
RPA is the deployment of software robots to significantly reduce the time, resources and errors associated with repetitive tasks that require workers to change focus between screens, systems and third-party information sources, like websites. While the discussion around workplace automation does include some concern about the elimination of jobs, about 80 percent of workers feel that automation will create positive change.
Before jumping into an RPA implementation, businesses should evaluate process efficiency on its most basic level. A recent blog post notes that RPA “will not magically resolve data quality issues or existing platform limitations.”
Analytical Assistance Where You Need It Most
Artificial intelligence is all about teaching computers to think and analyze while performing tasks. AI technologies include speech recognition, learning, planning and problem-solving capabilities.
What can AI do for financial institutions? Consider these examples:
- Chat bots are being used for customer engagement. These bots can answer customer questions and make recommendations.
- Analyst bots can detect fraud and help manage risk by analyzing portfolios and transactions much faster and more accurately than humans.
- Compliance bots keep track of laws and regulations in real time, ensuring that financial institutions comply.
What Should Your Credit Union Do Now?
Tackle unstructured data head on. Follow these steps:
- Evaluate the efficiency of your current processes at a base level, before automating any tasks.
- Digitize documentation and speed processes by implementing an ECM system, like OnBase by Hyland, that integrates with your core banking system.
- Start researching where RPA and AI solutions could quickly make the most impact for your credit union.
Rick Hiles is industry team lead, credit union solutions at Hyland, Cleveland. Learn more about OnBase by Hyland.