Half of Community Banks Are Unsure About How to Implement Automation Technology
CHICAGO (April 18, 2019) – A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates 50 percent of banking institutions do not know where to start when considering implementing robotic process automation (RPA) or other similar technologies into their business processes.
“Banking institutions are overwhelmed by the sheer volume and complexity of automation technologies and are struggling to understand what their institution’s digital transformation strategy should encompass,” Timothy Kosiek, CPA, Baker Tilly partner and firm leader of the depository and lending practice, said. “To begin the process, banks need to begin with the objectives, not the specific type of tactic, and work with an advisor to help them understand the paths to achieving their goals.”
“Automation technologies like RPA are one tactic that many banks can use in their initial digital transformation to improve efficiencies by automating manual and standardized processes,” Claudio Garcia, Baker Tilly director of enterprise transformation services, said. “In general, if an employee executes a workflow with a computer or keyboard system, the RPA technology can help automate all or part of the process.”
Baker Tilly recently held an educational webinar, Understanding digital transformation in banking: robotic process automation as a strategy, to assist depository and lending industry professionals in learning about how banks are using RPA technologies to enhance operations, engage customers and find efficiencies.
The webinar presenters discussed:
- Incorporating RPA technology into complex business processes
- Driving meaningful time and cost savings through automation
- Managing RPA solutions
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Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 34,700 professionals. The combined worldwide revenue of independent member firms is $3.6 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.