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Top Robotic Process Automation Technologies

Customers need a 24x7 safe and reliable banking service. Customer satisfaction and a reliable banking experience are crucial for the success of Credit Unions. However, providing a reliable, round the clock services entails costs. Credit Unions already are struggling to find ways to lower costs so as to improve their profitability. Hence, it has become necessary to adopt new technologies to remain competitive, satisfy customers and control costs. One of such emerging technologies is Robotic Process Automation (RPA).

RPA is a process that helps in automating definable, repetitive and rule-based processes. When a Credit Union uses a software robot to automate a process, it saves time and also improves efficiency and effectiveness of a process.

The employees doing these tasks can be reallocated to other jobs such as improving operations or enhancing the experience of the customers. Thus, RPA also helps in saving operational costs for the Credit Unions.

Robotic Process Automation uses specialized software to execute tasks, processes which are simple but repetitive in nature.

RPA can only be applied when the process or the task is –:

  1. Repetitive in nature.
  2. Is a standard procedure.
  3. Prone to Human error.
  4. Doesn’t add significant value.
  5. Requires allocation of a huge number of Human resources.

Thus, processes that involve simple tasks such as copy and paste of data, few mouse-clicks, navigation on the screen or log in - log out tasks, can be automated. This helps in reducing the time involved to complete these tasks as well as ensures the tasks complete without human errors.

Few examples where Credit Unions can apply RPA are -:

  1. Incoming inquiries of a customer which are of low priority like account inquiries or specific product inquiries such as non-recurring and small amount of credit card disputes.
  2. Compliance related procedures.
  3. Fraud detection wherein RPA can be used to identify a potential fraud and highlight to the concerned teams.
  4. KYC processes.
  5. Account closure processes

The best advantage of RPA is that these robots can do the task 24x7 thus giving customers around the clock service without the need of humans.RPA software can use the same systems as well as applications used by humans earlier to perform tasks.

RPA uses Artificial Intelligence which enables it to mine the available data and provides a valuable as well as accurate interpretation. This information can then be used by credit unions to enhance their services as well as profitability.

The best RPA software available in the market currently are -:

1. Pega Robotic Automation and Intelligence

Pega is one of the leading companies providing Robotic Automation in the world. Pega has the global presence and has partnered with companies such as Accenture, Capgemini, Cognizant and EY

It automates all those manual tasks that are repetitive and hamper productivity in an organization. It focuses on improving customer experiences, decreasing operating costs and ensures that the organization doesn't lose valuable opportunities.

Features

  • By simplifying desktop, it optimizes customer service processes;
  • It enables round the clock processing
  • Based on the workload it can scale up or scale down
  • It can orchestrate the customer journey by integrating customer channels, business data, and enterprise applications
  • It helps to improve productivity 5-15% and provides ROI within 30 days of implementation

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2. UiPath Robotic Process Automation

UiPath is one of the leading platforms for Enterprise RPA available in the market. UiPath enterprise Robotic Process Automation handles more than 700 enterprises as well as Government enterprises. It can be used on the cloud as well on premises. The UiPath Enterprise RPA platform has three integrated components.
These components are -

  1. UiPath Studio - It is the general of the army of Robots. The powerful recorders would capture the processes and workflow and automates the process. They also build a library of template activities that make the process of automation quick and easy.
  2. UiPath Robot - It is the worker that would do the work scheduled without any supervision that is unattended. It provides quick and accurate automation for SAP, Citrix and Mainframe processes.
  3. UiPath Orchestrator - It is the management console that would provide the licenses, configure and deploy UiPath Robots. It has the responsibility of handling key enterprise duties such as release management, centralized logging, reporting, auditing and monitoring, remote control, workload management and asset management.

UiPath RPA has partnerships with companies such as Accenture, Capgemini, PWC, EY, Deloitte, Cognizant etc.

Features

  • Facilitates attended as well as unattended automation.
  • It provides a secure and separate space for multiple users spread across geographies and of different departments.
  • It helps in intelligently scheduling process automation. This ensures there are no spike in work volumes and preference given to important processes.
  • UiPath provides its customers with a downloadable free trial before they decide to purchase the software.

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3. NICE Robotic Automation

Nice RPA provides cloud as well as on-premises enterprise software solutions. These solutions empower organizations to make better decisions based on advanced analytics of data.

It has a global presence and has partnered with companies such as Accenture, Cognizant, and IBM.

Features

  • It delivers both, desktop as well as server automation.
  • It plans employee activities and processes to identify where automation is key to immediate and long-term optimization.
  • It has 500,000 robots and can scale up quickly as and when needed.

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4. Blue Prism V6

This software is provided by Blue Prism who claim to be the inventors of RPA. The tool provided by them is easy to use and generally adopted by the users who have no idea of programming. It provides multilingual UIs for ease of use. The knowledge center provided by the company has answers to almost every queries of users.

 It has a global presence and is in partnership with companies such as Accenture, Capgemini, PWC, EY, Deloitte, IBM, KPMG, and Cognizant.

Features

  • It improves productivity and effectiveness through the use of intelligent surface automation.
  • It helps in an creating an inventory of robust, reusable objects and processes. These can be used as and when needed.
  • It makes scaling software is easy. It deploys either one or several robots on-premise or on the cloud to scale on demand.
  • It provides Multi-lingual Interface.
  • It uses Remote Visualisation Technology for Robot Screen- Captures which helps in faster development & deployment of processes.

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5. IQ BOT

It is provided by Automation Anywhere which is the world’s largest provider of RPA. Automation Anywhere is the pioneers of an intelligent digital workforce. IQ Bot has the capability to learn from humans and uncover hidden data. It can also transform data that is needed to accelerate the automation of business processes and efficiently and also eliminate human errors.

Currently, more than 1100 leading enterprises of the world have deployed more 6.5 million bots on Automation Anywhere for automating their business in the field of banking, finance, logistics and other sectors. They deliver in 90 countries with the help of more 125 global partners.

It has a global presence and is in partnership with companies such as Accenture, Capgemini, PWC, EY, Deloitte, IBM KPMG, Cognizant etc.

Features

  • Enables automation of human-centric processes which involves fields and patterns.
  • The software doesn’t require any specific training.
  • It is capable of identifying and highlighting important data hidden in the unstructured data.
  • It is scalable ten times.
  • It has a modern, responsive user interface optimized for business users which can reduce new bot development time by 80 percent.
  • It can leverage third-party AI platforms so as to automate those business processes that require additional skills such as language translation or sentiment analysis.
  • With the help of end-to-end High Availability/Data recovery (HA/DR) across bots, they ensure Business continuity is not an issue for any client.

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6. TrueSight Orchestration

It was formerly known as BMC Atrium Orchestrator. It automates IT processes by coordinating workflows across different platforms, applications, and tools. It has the capability to reduce the cost of the server, network and database audits by upto 25% and reduce manual work by 90%.

It can improve quality as well performance of digital services that run-in hybrid and multi-cloud environment. They use Operator Control Panel (OCP) which is a web-based interface, which enables various operators, such as service desk personnel, network operators, and IT technicians, to run workflows in a semi-automated mode of the company's IT environment.

Features

  • They provide best management processes for managing the entire incident resolution process to restore services quickly.
  • It enables automation of human-centric processes which involves fields and patterns.
  • The software doesn’t require any specific training.
  • It is capable of identifying and highlighting important data hidden in the unstructured data.
  • It is scalable ten times.
  • It has a modern, responsive user interface optimized for business users which can reduce new bot development time by 80 percent.

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7. Smart Process Automation (SPA)

WorkFusion provides smart Process Automation. SPA ensures faster automation as it comes with preloaded process templates. It has components such as pre-built robotic, cognitive and exception handling for more natural configuration of custom workflows.

Features

  • They provide bots for any type of data or application. They ensure there are no idle bots through use of automatic bot load balancing.
  • With the help of centralized credentials management, they ensure data privacy across various geographies.
  • They provide lightweight but robust workflow capabilities. This allows users in an arrangement of end-to-end process and automation of giving work to right bot.
  • SPA’s analytic platform provides a single window for entire operations.
  • It has a built-in Process AutoML that can train itself on clients unique data sets in a secured environment without a data science team or third-party integrations. This results in saving of costs.

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CONCLUDING THOUGHTS

In this digital age, Credit Unions and banks need to adopt RPA to ensure lean operational structure and a reliable, safe and satisfactory experience for the customer. When introduced with clear approach credit unions and banks can reap the benefits of RPA within weeks.

Although some experts fear a loss of jobs, RPA is useful in creating new work that would be related to operations and customer services. This would undoubtedly outweigh the number of jobs lost due to RPA and result in the creation of more fulfilling jobs for employees.

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