Mind Over Manual

From Roombas to self-driving cars, technology continues to create ways to free human beings from the manual, mundane tasks in life. Shouldn’t this also be the way of business? Successful banks rely on web automation software, such as Foxtrot RPA that is easy to implement and adopt, to democratize productivity and remove the slow, error-prone, monotonous tasks that impede efficiency and detract from employee morale.

When a bank leverages automation to streamline its workflow, it achieves economies of scale that boosts both its power and its people. Studies show that employees are happier when they can serve customers and make a difference in the strategic direction of their company, not when they’re forced to slog through tedious data entry work. Our own study of nearly 500 U.S.-based companies revealed that the following data-entry tasks are considered the most tedious:

  • Invoicing
  • Customer and account maintenance
  • Inventory and ordering
  • Quality assurance and regression testing
  • Job postings

Turn On Your Off Hours

With web automation software, banks put their operations personnel in the best position for success, which means being able to work as efficiently as possible. Daily items processing (IP) can be automated before a banking workday begins to eliminate delays due to manual processes or the need for early work shifts.

Banks typically have an employee arriving at 6 a.m. every day to go to the Fed Line (or via correspondent bank) to pull down and prepare the day’s transaction and wire reports. Because of a bank’s transactional base and regulatory demands (e.g., ACH/direct deposit posting deadlines) many things must be taken care of before the rest of the financial institution’s staff shows up for work. During off hours, your web automation software can be on, allowing that early-bird employee to focus on other value-added tasks.

Getting Onboard

Last year Fannie Mae, the government-sponsored enterprise (GSE) responsible for expanding the secondary loan market to stoke more originations, purchased or guaranteed loans on 1.1 million home purchases and 1.4 million re-financings.
For an acquiring bank, the challenge is getting those new loans into the core system as quickly and efficiently as possible. For originations, there are multiple systems involved that don’t communicate with each other presenting a big problem in getting the loan to its final revenue-producing destination. These processes include:

  • Application
  • Decision-making, including credit check and approval
  • Documentation
  • Onboarding into the core banking system

Web automation tools like Foxtrot RPA automate the process of loan data being transferred from one management system to another. The technology solution mimics how a human would copy, move and paste information, opening new opportunities for banking staff.

Less is more with Foxtrot RPA. By reducing your bank’s manual processes, including daily data entry, external file transfers and the onboarding of loans, the web automation tool elevates organizational efficiency.

For more information, read our use case, “Foxtrot’s Use in Operations.”

Download Foxtrot's Use in Operations

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