Union Bank Deploys Robots to Automate its Business Process

union bank

Union bank has deployed Robotic Process Automation (RPA) technology in its operations in the banking hall.
The RPA technology was officially launched at the Bank’s Stallion Plaza Head office in Lagos. The technology makes use of robots which are software tools developed to simplify business process delivery.

Robotic Process Automation (RPA) technology allows a software robot to mimic human behavior.  It can navigate enterprise software using the application’s user interfaces just like a human would. Except, a robot is able to work much faster, and more efficiently without ever slowing down.

The software robots offer improved business efficiency and data security by automating repetitive tasks across multiple business applications without altering existing infrastructure and systems. The robot will enhance staff productivity, reduce process turnaround time and improve accuracy and compliance.

This will provide employees ample time to focus on other value adding and customer-related functions, significantly improving the overall quality of customer experience.  The robot will process Automated Teller Machine Transactions, reducing its processing time by over 60% and ensuring that refunds on ATM fund dispense errors are promptly and efficiently corrected.

Speaking at the unveiling, the Chief Executive Officer of Union Bank, Emeka Emuwa said:

The provision of simpler, smarter banking services to our valued customers is at the core of our business. Therefore, we remain focused on leveraging cutting edge technology and creating innovative partnerships which will facilitate the achievement of this objective.

Benefits of RPA Technology to Customers

Customer Experience: By replacing lengthy manual tasks with faster and automated processes, the bank staff can now look forward to higher customer satisfaction, reducing the time customers spend in the banking hall.

Reduction of Errors: Since the chosen processes are repetitive and do not require analysis or decision making, RPA can actually increase service levels to 100% accuracy. Achieving 100% in Record-to-Report process is a difficult operational goal and to attain even with the most extensive training, humans can make simple errors. RPA is a very effective tool to manage operational risks thereby avoiding mistakes.

Although this technology will save cost for the bank, there is the fear that it could take the place of the staff.


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


SUBSCRIBE

Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


Related Posts