Union Bank Plc. has introduced a Robotic Process Automation (RPA) to ease banking operations especially to control cash dispense errors made by Automated Teller Machines (ATMs).
Without alerting existing infrastructure and systems, the new technology is expected to deliver improved business efficiency and data security by automating repetitive tasks across multiple business applications The RPA is equipped with software robots to simplify business process delivery.
CEO of Union Bank, Mr. Emeka Emuwa at the launch of the technology said that the bank is pleased to be the first in the industry to introduce robotics into it processes. He further said that providing smarter and simpler banking service to the banks’ customers is a priority and the new Robotics Process Automation will help the bank achieve this objective by leveraging cutting edge technology and innovative partnerships.
About the implementation, Emuwa said the first phase of the Bank’s RPA implementation; reconciliation of ATM transaction, is now fully automated, cutting down processing time by over 60% and ensuring prompt and efficient refunds on ATM fund dispense errors.
Mr. Bunmi Olufeko, Head service assurance/leader of the RPA project, said that with the reconciliation process being carried out by robots, the banks are able to reverse money not dispensed at ATMs in two hours as opposed to the mandated three-day waiting time.
Image Credit:Investors King & Independent Newspapers Nigeria
