Union Bank has announced the deployment of the innovative Robotic Process Automation (RPA) technology in its operations; a first in the Nigerian Banking industry.
The new technology was officially launched at an interactive session which took place at the Bank’s Stallion Plaza Head office in Lagos with customers, technology experts, pressmen and the Bank’s Management and employees in attendance.
The RPA technology makes use of robots which are software tools developed to simplify business process delivery. The software robots offer improved business efficiency and data security by automating repetitive tasks across multiple business applications without altering existing infrastructure and systems.
Announcing the deployment of the new technology, the Chief Executive Officer of Union Bank, Emeka Emuwa said:
“The provision of simpler, smarter banking services to our valued customers is at the core of our business. Therefore, we remain focused on leveraging cutting edge technology and creating innovative partnerships which will facilitate the achievement of this objective.”
The Bank’s adoption of the RPA technology is expected to enhance staff productivity, reduce process turnaround time and improve accuracy and compliance. With this, employees are better able to focus on other value adding and customer related functions, significantly improving the overall quality of customer experience.
In the first phase of the Bank’s RPA implementation, reconciliation of Automated Teller Machine (ATM) transactions will now be a fully automated process, cutting down processing time by over 60% and ensuring that refunds on ATM fund dispense errors are promptly and efficiently carried out.
With its recent transformation and marked upgrade of its infrastructure including the new RPA technology, Union Bank is indeed poised to deliver on its promise of being a truly simpler and smarter bank.