Union Bank Plc has announced the adoption of Robotic Process Automation, RPA, technology in its operations to provide more efficient services to its customers.
The RPA technology makes use of robots which are software tools developed to simplify business process delivery.
The bank’s Managing Director, Emeka Emuwa, who spoke on the benefits of the product during the launch in Lagos, said that the software robots offered improved business efficiency and data security by automating repetitive tasks across multiple business applications without altering existing infrastructure and systems.
Noting that the bank is the first in the industry to introduce robotics into its processes, Emuwa clarified further: “The provision of simpler, smarter banking services to our valued customers is at the core of our business and RPA helps us achieve this objective by leveraging cutting edge technology and innovative partnerships.
“I commend the hard work and dedication of our Union Bank team for the effective execution of this project,” Emuwa said.
The banker projected that the adoption of the RPA technology was expected to enhance staff productivity, reduce process turnaround time and improve accuracy and compliance, amongst other value-additions.
According to him, with the new technology, employees of the bank are better positioned to focus on other value-adding and customer-related functions, significantly improving the overall quality of customer experience.
Emuwa pointed out that in “the first phase of the Bank’s RPA implementation, reconciliation of ATM transactions are now fully automated, cutting down processing time by over 60 per cent and ensuring that refunds on ATM fund dispense errors are promptly and efficiently carried out.”
Industry observers noted that Union Bank’s innovative technological investments in recent times remained a major component of the lender’s transformational strategies, including the redefinition of the bank’s business model, reengineering of its workforce and rebuilding of its physical infrastructure.