• October 4, 2022
RPA: Banks Should Remember the Basics

While organizations increasingly are employing RPA, intelligent automation and hyperautomation strategies to find efficiencies in their business, software automation remains in a nascent stage. Many businesses are only now even considering RPA as a technology investment. It’s valuable therefore, to revisit foundational principles occasionally and understand how companies are thinking about the technology.

Financial services is one of the bellwether industries for RPA, but many financial institutions still are not employing automation strategies – though interest is increasing in many areas of operations for banks. Fiserv, a provider of core processing technology for many financial institutions, has advice for its banking customers in a recent post that listed several best practices banks should employ when considering RPA and other automation technologies.

Fiserv offers banks three familiar, yet sound, best practices when thinking about automation back-office processes. First, start small to establish success, but expand quickly after that. Second, don’t reinvent the wheel, there are probably prebuilt bots within the organization or externally you can use to automate common use cases. And finally, work with an experienced partner.

“While many vendors develop bots, it’s important to select a partner that can advise you on the processes to automate to yield the greatest benefits in volume, frequency and definition,” says Manish Pandey, Senior Director Product and Strategy Systems Integration Services at Fiserv. “A partner with a variety of tools can best help you achieve your roadmap and process demand goals.”