At a media launch yesterday, Union Bank of Nigeria announced its Robotics Process Automation (RPA) technology.
RPA is a robotics system that uses software to automate consistently routine financial and banking operations.
According to Union Bank’s CEO Emeka Emuwa, RPA will make these processes faster and more efficient.
This means that financial processes are now cut down to a shorter time.
Head of Service Assurance at Union Bank, Bunmi Olufeko gives 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.