How Automation Can Help Train Banking Employees

By Keelan Singh, Director of Industry Practices at UiPath

Like many industries, banking can be demanding. Long hours, a competitive landscape and quick decision-making make for a challenging, but also very rewarding, career path. However, at a time when businesses are in a competitive race to retain talent, industry organizations must consider how best to respond to a rapidly changing landscape.

The industry is incredibly large. Encompassing, but not limited to, traditional banks, building societies, challengers and even retail banks, the wide variety of challenges in these different contexts is vast. There is common ground, however, with a particular challenge that afflicts each of these organizations; the high volume of repetitive tasks workers have to perform on a daily basis.

Whether processing loans, account closures, anti-money laundering, or even accounts payable, organizations must seek innovative ways to reduce the repetitive and data-intensive tasks that are still carried out by staff. This requires an adaptable technology solution that can free up workers’ time and enhance their day-to-day roles, and that’s exactly where software automation comes in.

Software automation in banking

Software automation is not a new solution for the banking sector. In fact, it is already present in many banking organizations around the world, working behind the scenes to improve customer service and increase operational efficiency. But many overlook its potential to help support and educate their employees even further.

It is important to note that software automation does not replace human teams, but rather an accessory for them. By emulating human workers on the software they use in the course of their work – such as ERP and MS Office systems – through a front-end interface, automation can perform rules-based tasks, eliminating those repetitive tasks and tedious of the workers.

Interestingly, 43% of all work in financial services has the potential to be automated, which would give back vital time to employees, help them avoid burnout, become more productive and hopefully more happy in their role.

Employee priority

There are several strings to the bow of automation. An inherently customizable solution, it offers real potential to each team and can meet individual needs. For example, we are currently seeing a lot of use of automation behind the scenes, such as reconciling and updating general ledgers, but this can also be particularly empowering for customer-facing employees in data centers. calls and retail branches.

There is no denying how important human empathy is in customer interaction. When it comes to finance, customer-facing teams often have to deal with emotional and serious situations. In these cases, it’s important that employees can engage with the customer, build rapport, and have the right information to resolve issues quickly. Having to sift through multiple siled and legacy systems to find a solution is not only tedious, but can also lead to poor customer service. Having a solution in place – such as automation – that can generate masses of data with just a few keystrokes can speed up those interactions and deliver a better overall experience for both the customer and, just as vitally, the employee.

Extending the use of automation to all areas of the organization is important to help all employees feel equally supported and satisfied in their jobs. Custom robot assistants are another way automation can help, ensuring that each team feels encouraged to put their energy into the heart of the work and can focus on what they want to do, rather than just going through the work. administrative. KYC verification, customer onboarding, responding to emails requesting information, and many other time-consuming tasks can easily be automated.

Workforce empowerment

With hundreds of computer systems in play simultaneously, banks generally cannot afford to continue as they do – dependent on legacy computer systems that are often not compatible. This current setup creates a lot of repetitive work involving moving, transforming, and validating data, and often leads to attrition and frustration within teams.

Traditionally, it was feared that automation would replace a large number of jobs, but that couldn’t be further from the case. In fact, automation is at its best when used to complement human workers and their skills, while giving them the freedom and time to grow and retrain in areas that can really impact business growth.

Simply put, automation creates additional capacity for banks to further develop the skills of their staff. This, in turn, increases employee satisfaction and allows finance organizations to retain highly skilled talent while automation meets demands in other areas.

Take advantage of automation

Due to the digital and rules-based nature of the tasks performed by bank employees, automation has presented a great opportunity for financial organizations to modernize their services in the digital age. In industry, automation is already doing the tedious work of thousands of people in many banks and expanding its use will be key to improving employee experience and talent retention.

The simplicity of the automation adds to its appeal. It’s possible for one person to automate a simple process in just days, making it a disruptive delivery solution with transformative ROI and time to value.

Financial services organizations must seize this opportunity in order to increase employee satisfaction as soon as possible. By giving back valuable time once spent on time-consuming and data-intensive processes, employers can have a tangible impact on the employee experience and dramatically improve the level of worker engagement.

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