4 ways workload automation can “flip the script”
Financial institutions don’t have to be entirely at the mercy of a labor trend that leaves them hamstrung and unable to innovate. Following are four ways that workload automation and orchestration can help you flip the script, build organizational resilience, and gain a competitive advantage in the process:
1. Eliminate routine tasks.
Workload automation software schedules and manages multiple routine processes across computing systems in your organization without the need for ongoing staff intervention. FIs can use workload automation to carry out critical data warehousing functions in addition to regulatory reporting, online banking, ATM transactions, and other business-critical operations.
An application for WLA software can be as simple as setting an auto-response email that outlines common troubleshooting tips when your IT team gets a support ticket. Or, automation can be deployed for more complex tasks, such as monitoring for fraud, reviewing new account applications, or processing ACHs in real-time rather than in a once-a-day batch that bogs down all other processes and may require staff overtime.
By eliminating the need for direct staff intervention for routine tasks – not to mention the errors that tend to accompany manual data entry – workload automation frees up actual staff hours that can be redeployed in other, more strategic ways.
2. Redeploy and innovate.
It’s no secret that the future of banking will be driven by technological innovation. Your members and clients are quickly gravitating toward mobile banking solutions, and, as the research shows, they expect their financial institution to keep up.
Once workload automation is implemented and IT staff are freed from routine, often monotonous tasks, they can be reassigned to work on more initiatives that align with member and client needs and expectations. Untethered from repetitive, labor intensive tasks, key IT personnel can also assume more leadership responsibilities and have more of an impact on your organization’s strategic direction.
3. Improve employee morale and, in the process, increase retention.
Yes, workload automation reduces staff dependency for operationally necessary tasks. And, in the process, your organization will be less acutely impacted by the strained labor market. However, this is not about eliminating people; it’s about eliminating the drudge work your staff are consumed by.
In doing so, workload automation can improve the morale of your existing staff and thereby increase employee retention. And satisfied employees tend to attract more attractive candidates when your organization has open positions to fill, giving you a competitive advantage when hiring.
4. Preserve institutional knowledge and streamline onboarding.
Workload automation documents essential processes and therefore mitigates the risk of the loss of institutional knowledge when your organization does experience staff turnover. Your automation platform will serve as a repository of business-critical operations that you can use to streamline the onboarding process for new hires as well.
Further, because robust automation platforms minimize the need for coding and scripting know-how, your organization will not be as reliant on specialized skills, and you’ll be able to recruit from a larger pool of candidates. When you are able to fill vacancies more quickly, the opportunity cost of the time and resources your organization expends on recruiting highly specialized staff will not be as high.