Banking

All you need to know about standardization, automation, and digitization for the banking industry!

From solving branch-staffing issues, to parking bots atop back-office chores like reconciliations and compliance tasks, to creating fully automated “lending sales factories,” The Lab knows banking like no one else in North America. We’re the undisputed authority for transformation-enabling standardization, robotic process automation, and advanced analytics.

We invite you to learn how to strategically reduce costs, boost customer experience, increase operating leverage (to maintain performance amid staffing ups and downs), and automate activities you might have considered un-automate-able… all done remotely by our U.S. experts in Houston. In the meantime, feel free to take advantage of the thought-leading articles, case studies, and videos below.

The U.S. Bank Secrecy Act, enacted by Congress in 1970, and updated as part of the Patriot Act in the wake of 9/11, requires that your bank report suspicious activity to the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN. Specifically, your bank must file a Currency Transaction Report or CTR any time a single customer deposits $10,000 or more in cash on any single day. In this article, we’d like to walk you through the steps that an actual banking bot takes as it handles this required activity. It’s based on a bot we installed at a prominent bank recently; we’ve even made a fascinating two-minute video of it. You can see it inside this post.

You know that the core of any banking operations-transformation effort revolves around the process. Whether it’s an operational process or a customer-journey process, it’s the bedrock for every must-do initiative on your strategic roadmap, including: Digitization, operational resilience, customer experience (CX) improvement, business continuity, increased revenue, sales standardization, AI, business intelligence, cost cutting, org design, & robotic process automation (RPA). Conversely, those organizations that put the transformational-trend cart before the process-mapping horse are destined to fail.

Setting up accounts for remote mobile-deposit capture takes your bank’s staffers a lot of time that they could be spending more valuably. Now you can automate this process! Read how easy it is in this exciting new article from The Lab!

Knowledge Work Standardization® Services from The Lab. The Lab’s patented methods help simplify, standardize, and automate everything: Products & services to increase consistency at the regional, national, and global level. Business processes create employee-friendly operations that retain crucial talent. KPIs & data identify the “Super KPIs” that grow your business. Digital automation find many more valuable use-cases quickly.

Processing flood-data reconciliation and exception reporting for real-estate loans is a nightmare chore for your bank’s Business Analysts. Fortunately, “there’s a bot for that,” regardless of the systems your bank uses to perform this chore! From your loan-origination system to your insurance-carrier’s site, to your flood-compliance platform and more, RPA bots from The Lab can save you time—and turnover. Be sure to read this exciting new article—complete with three-minute video—to see how your bank can eliminate this “flood” of avoidable labor!

Key performance indicators (KPIs) are essential for monitoring, managing, and profitably growing your bank. Depending on what you want to accomplish, some KPIs can be transformational. With the right data and supporting automation, these “Super KPIs” give you the power to predict, preempt, and prescribe like never before. There’s more detail about “Super KPIs” right in the intro to this catalog. I think you’ll find it interesting and valuable.

Slogging through input quality-control for commercial and consumer loans. Manually updating loan interest rates in the core. Suffering through the minutiae of HMDA compliance. Your bank’s loan operations and servicing teams dread this work. And customers don’t understand why loan turnaround times are so long. It’s jeopardizing your compliance—and the ability to process your bank’s essential lifeline of loans on time. Address all these issues, at once, in just a few months.

At your bank, processing check deposits that may need extended holds or denials due to concerns flagged by anti-fraud software, requires a ton of work from your beleaguered Deposit Ops staff. But now, you can get more done, faster, while hedging against employee turnover, using RPA bots from The Lab! Check out this fascinating new article—which even includes a neat two minute video—and get the facts you crave!

The "Big Rocks" series is a 3 part guide for addressing the “perfect storm” of adverse market conditions confronting banks now—and preparing for a forever-changed, volatile future on how to strategically lower costs, increase operating leverage, improve customer experience, and automate what wasn't automatable in your bank. Big Rock 1 of 3: The Retail Branch Network. You need data-driven decision-making to stop over-serving markets and locations—without damaging customer perceptions.

Big Rock 2 of 3: Lending—commercial and consumer. You already know that all sales producers are not created equal. But you don’t know how burdened all sales producers, loan operations staff, and CUSTOMERS are by “NIGO” activities: “not in good order” rework and remediation. You need to eliminate these activities without impeding the performance of your revenue engine—while improving customer experience and revenue productivity.

Big Rock 3 of 3: Back-office operations. While most banks have “automated” their back-office operations using industry-standard core platforms, those operations are anything but automatic. To the contrary: Despite all the systems and add-ins, they’re a manual-labor, copy-click-and-paste nightmare. Turbocharge speed and efficiency, while dramatically reducing costs, forever, with robotic process automation or RPA.

For nearly 30 years, The Lab has helped banks—from global to regional to local—standardize their knowledge-work operations, wringing out new efficiencies, uncovering newfound capacity, and discovering opportunities to effectively apply the latest digital automation technologies. We’ve even standardized the process of standardization. We boast the world’s largest repository of banking KPI definitions, benchmarks, best practices, pre-built dashboards, process map templates, and automation use cases. So we can, and do, make it happen fast.

Updating loan interest rates based on published indexes is a time-consuming, error-prone chore that your bank staffers hate doing. Keep them from heading for the exits by automating this task with RPA bots from The Lab, North America’s undisputed leader for banking automation! See how easy it is in this exciting new quick-read article!

Your bank needs to grow loans. When it comes to loan-growth strategy, conventional thinking leads most bank executives to a few predictable solutions. But, there are other ways to increase loan sales besides just hiring more loan officers. At the typical bank, at least half—and more likely, 80 percent or more—of customers hold only a single product. It’s an embarrassment of riches: Your most profitable revenue stream, just waiting to be tapped. Put another way: If the typical bank were to sell just one more product to just one out of every five customers, revenue would jump by 5 to 10 percent! Find out how to automate cross-selling by reading this article.

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