Union Bank has announced the deployment of the innovative Robotic Process Automation (RPA) technology in its operations and becomes the first in the industry to introduce the application in the processes.
The new technology, officially launched in the bank last week, makes use of robots which are software tools developed to simplify business process delivery.
According to the bank, 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 the bank, Emeka Emuwa, said: “We are quite pleased to be the first in the banking industry in Nigeria to introduce robotics into our processes.
“The provision of simpler, smarter banking services to our valued customers is at the core of our business and RPA helps us achieve this objective by leveraging cutting edge technology and innovative partnerships. I commend the hard work and dedication of our Union Bank team for the effective execution of this project.”
He pointed out that the bank’s adoption of RPA technology is expected to enhance staff productivity, reduce process turnaround time and improve accuracy and compliance.
Furthermore, he added that with the new technology in place, 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 are now fully automated, cutting down processing time by over 60% and ensuring that refunds on ATM fund dispense errors are promptly and efficiently carried out.
“Union Bank’s marked technological advancement in recent times is a major element of its transformation programme and has included the redefinition of the Bank’s business model, reengineering of its work force and rebuilding of its physical infrastructure,” he said.
The bank had in 2017, introduced a wide bouquet of digital banking platforms, including an upgraded version of its mobile banking app – UnionMobile and *826#, the unique USSD code which allows customers perform banking transactions through short code messaging on their mobile phones.
Several innovative features on the UnionMobile App have since received wide acclaim including the industry first ‘Agent Locator’ feature. Others are ‘Locate an ATM with Cash’, ‘Cardless withdrawals’ and the mCash easy payment feature.
With its ongoing transformation and marked upgrade of its infrastructure including the new RPA technology, Union Bank is poised to deliver on its promise of being a truly simpler and smarter bank for the next one hundred years.