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How does workload automation compare to robotic process automation in the financial services industry?

When implemented in the processes of a financial services organization, workload automation tools and job scheduling solutions can help solve sophisticated problems by making intelligent decisions within a set of controls. Given the increase in online banking and cashless payment options, it’s important to have a financial automation system that self-improves as it receives more and more data.

For the financial industry, Robotic Process Automation (RPA) refers to software that is programmed to assist in processing the repetitive tasks employees do – much like a banking virtual assistant.

RPA-friendly tasks include sending emails, opening applications, and copying and pasting information from one banking system to another. However, RPA does not interact with each of the complex IT systems needed to run a successful finance institution.

In short, workload automation tools help financial institutions solve complex problems by performing repetitive tasks with minimal input, while RPA in the financial industry only automates very simple, manual tasks.

Why invest in automation for financial business processes?

In light of the global shift towards cashless societies, AI’s role in detecting and mitigating fraud, and the rise of online banking, automation has never been more important for financial organizations.

Workload automation platforms like SMA Technologies’ OpCon eliminate human errors with centralized script management and breaks down application silos by integrating cross-platform workflows within a single point of control. Having a single platform that grants visibility and control over all applications is by far the most efficient use of resources, saving man-hours across IT departments.

Financial automation has also proven a real game-changer for back-office procedures. Often financial institutions with thousands of people processing time-consuming customer requests risk inconsistent outcomes at best and a high error rate at worst. Automated financial solutions can drastically cut the time needed for back-office processing, freeing employees up to focus on more value-driving work.

Common applications of workload automation in financial services

Financial institutions around the world are using SMA Technologies’ OpCon workload automation to improve business critical processes and procedures such as:

  • • Disaster recovery and business continuity
  • • Customer due-diligence (CDD)
  • • File transfers
  • • Risk, compliance, and audit analysis
  • • Financial planning, and data reporting
  • • Customer account reconciliation
  • • Data validation
  • • Operational finance and accounting

A core use of the automation platform for financial services teams is improving risk management, and reducing expenses. When a bank has several operating systems with different scripts and workflows running on multiple servers, it becomes unmanageable over time, especially when attempting to process exceptions, and troubleshoot unexpected issues. With a single pane view, OpCon offers financial institutions clear visibility across multiple operating systems, different programming languages, and even departments.

Efficiencies in financial institution disaster recovery environments is also key to providing proper support to customers. Prior to deploying SMA Technologies’ OpCon in its disaster recovery environment, VyStar Credit Union’s failover process took about two and a half hours and required more than 150 manual steps. OpCon now automates 95% of this process.

Tell us how you’d like to automate

To find out more about how our OpCon workload automation platform can help you drive operational efficiency, use the form below to get in touch with one of our experts today.