Robotic Process Automation (RPA) is defining the new era in financial services by automating processes such as mortgage and loan origination, credit decisioning, new application processing, customer on-boarding, customer service, data migration and of course, regulatory compliance. Credit Unions in Ireland have adopted the technology and are seeing outstanding results. Starting with Anti Money Laundering processes, the Credit Unions have implemented functionality to automate the extraction and analysis of key data, update the core banking system and produce management and Board level reports. This functionality has been designed in conjunction with the Credit Unions, meaning that it meets their needs from a compliance and best practice viewpoint. It also has allowed Money Laundering Reporting Officers to increase productivity and focus on high value activities by removing the manual tasks that were previously required.
And that’s not all! The capacity of the RPA ‘bot’ means that the original investment can be leveraged to automate more and more tasks. Credit Unions have active plans to extend the use of RPA into many of the other areas listed above.
Click below to see the difference between the Standard and Automated AML process