UNION Bank Plc has introduced a Robotic Process Automation (RPA) to ease routine banking operations especially that of cash dispense errors made by Automated Teller Machines (ATMs).
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.
Speaking during the launch of the technology held in Lagos, the Chief Executive Officer, Union Bank, Mr. Emeka Emuwa said: “We are quite pleased to be the first in the banking industry in Nigeria to introduce robotics into our processes. The provision of simpler, smarter banking services to our valued customers is at the core of our business and Robotics Process Automation helps us achieve this objective by leveraging cutting edge technology and innovative partnerships.
“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 percent and ensuring that refunds on ATM fund dispense errors are promptly and efficiently carried out.
“The Bank’s adoption of RPA technology is expected to enhance staff productivity, reduce process turnaround time and improve accuracy and compliance. With the new technology in place, employees are better able to focus on other value adding and customer related functions, significantly improving the overall quality of customer experience,” he said.
Explaining the RPA reconciliation process on ATMs, Head sevice assurance/ leader of the RPA project team, Union Bank, Mr. Bunmi Olufeko stated that with the reconciliation process by robots the banks is able to reverse money of customers with cash dispense error in two hours instead of the mandated three days