Union Bank has launched the innovative Robotic Process Automation (RPA) technology in its banking operations, which is a first in the Nigerian Banking industry.
The RPA technology, which makes use of software robots to simplify business process delivery, is expected to deliver improved business efficiency and data security by automating repetitive tasks across multiple business applications without altering existing infrastructure and systems.
While announcing the deployment of the new technology at an interactive session which took place at the Bank’s Stallion Plaza Head office in Lagos yesterday, 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.”
Head of Service Assurance at Union Bank, Bunmi Olufeko also gave a practical example of the RPA’s efficiency.
“The top 3 customer complaints are related to failed ATM cash transactions. People have to wait 3 days to get money returned after an ATM reconciliation. But the Union Bank RPA does this in an hour or two.”
Deployment and compatibility with applications still remain two of the biggest challenges for RPA technology. As the first bank to launch the technology in Nigeria, Bunmi explained how Union Bank intends to overcome these obstacles.
“Some of the challenges are truly not different from any faced when implementing new technology. We are using Blue Prism, one of the best RPA solutions available now. And we have specialised core teams that have made implementation and deployment easier,” he said.
The RPA is currently reconciling 900 ATMs but apart from cash dispensation, Bunmi says the technology will be generally applied to all service and processes that ease banking operations for the customer.