Banking

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

Have a look at these interesting blog posts, all collected in one spot for your convenience. This industry specific information can be found nowhere else because we’re banking experts! Find out how to strategically lower costs, increase operating leverage, improve customer experience, and automate what previously wasn’t automatable in your bank. The Lab is your strategic implementation partner for your endeavor to automate and digitize your operations. Find out how we can do this in weeks rather than months, because The Lab is North America's leading standardization, RPA, and predictive analytics implementation firm!

The honeymoon was over for this bank’s recently-hired CEO. After a few months of encouragement, the board and the investment community wanted results within the next quarter. Yet the CEO and his personally selected CFO faced a raft of challenges: Excess liquidity, revenue growth, and acquisitions. The Lab implemented scores of standardization-based business improvements, analytics dashboards, and “intelligent” RPA bots.

For every bank with an ATM network—and that’s all of them—there’s the daily chore of reconciling the transactions across its constellation of automated teller machines.

Free your staff from the error-prone drudgery of monitoring data, risk alerts, and more. Two acts of Congress provided lots of safeguards for consumers... while adding a ton of regulatory pressure on banks and their staffs. These...

Eliminate errors—and risk exposure—with RPA bots! Sarbanes-Oxley, or SOX, compliance, is a risk-management and information-security nightmare for any bank. Among its many mandates is the requirement for “system-identity...

Automate this tedious chore for outbound domestic wires and ACH Your bank’s customers never appreciate all the work that goes on, behind the scenes, whenever they submit a request to wire money to another party in the U.S. But...

The back office is the central nervous system of your bank—and your customers’ experience. Think about all of those mundane, repetitive, but vital, tasks required to onboard, service and maintain customers. Given the repeatability, the back office should be the most standardized operation in the bank. Highly automated. Rigorously measured. Humans involved only to handle complex decisions, oversight, or high-risk tasks. The typical back office may be “standardized”—but not like this.

Given the latest trends—and the seismic shifts—in the banking industry, there’s never been a better time for leaders to take a good hard look at the three “big rocks” of transformation, digitization, and cost-cutting: Transform the banking retail branch network, standardize banking lending operations, both commercial and consumer, digitize and automate banking back-office operations.

The Lab has helped to automate countless work activities, for scores of processes, at tons of banks worldwide. So we have really deep domain expertise when it comes to both robotic process automation (RPA), and the core systems that need automating. We need to be delicate here. This article is an anonymized mashup of different stories, all true, about banks that have succeeded in RPA, using The...

You can harness the market-disrupting power of banking sales bots from The Lab. It’s true: They do all the drudge work! Quickly! Flawlessly! Happily!  Loan officers, producer managers, and market development teams love...

In this article, The Lab will show how stop-payment requests are routinely processed at banks today—including the different “flavors” thereof. Then we’ll show how easy it is for us to automate this laborious, error-prone, manual activity… with robots. This article is a companion to this video which shows the actual robot in action, with sensitive data blurred for privacy.

See the info that’s invisible in Excel sheets! How Retail Banking Executives Can Use a Microscope to See into Operations Data in Multiple Systems - Within a Few Months Every bank wants to contain costs, while maximizing...

Loan processing “assembly lines” are in fact clunky, quasi-automated business processes, requiring legions of humans to correct errors and bridge gaps between disparate systems. Core platforms are aging, inflexible, and disproportionately costly—with no price-increase relief in sight from their highly-concentrated owners. As the industry’s sole standardization specialist, we transform each operation in your enterprise into a high-performance Knowledge Work Factory, using an unmatched combination of: Knowledge Work Standardization, Robotic Process Automation, & Business Intelligence.

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.

“Stare and compare.” That’s shorthand for “reconciliations,” a back-office chore that burdens every bank. It’s the process of checking one set of numbers against another, and making sure they match. The general public probably thinks that all this activity is automated. But you know better. Reconciliations, or recons, are among the most time-consuming—and dreaded—activities undertaken by your bank’s back-office staff.

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