Top 3 business automation tools for banks
The banking sector collects and stores a lot of sensitive data, therefore the different systems used for its various operations are often scrutinised to ensure safe transfer and communication of data. Core banking systems already cater for the majority of the processes in the banking sector but there's always a need for automation of these systems.
Bank Processes Use Cases
Automation reduces human error, decreases redundancy and improves efficiency of services. Let's take a look at some banking operations that can benefit from automation:
Account Opening and Onboarding Workflows can be automated to perform account onboarding tasks such as Identity verification (KYC), document verification and other compliance checks.
Transaction Processing Customers always like their transactions to be processed in the shortest possible time. Although banks usually have a high traffic of transactions daily, transactions can be sped up using automation tools to perform operations like clearing checks, batch processing of transactions and so on.
Loan Processing Automation can be employed in checking the credit scores of loan applicants and the risk assessment for loan approvals. The applicant's document can also be verified using automation tools.
IT and Infrastructure Management The IT Infrastructures can be monitored and maintained using automated workflows. That way, system issues can be prevented or resolved proactively. System backup can also be scheduled using automation tools to avoid loss of data in the case of a crash.
Customer Service and Support There's already a wide use of Chatbots that have been programmed to respond automatically to customer's enquiries. Automated alerts can also be sent to users for different reasons such as loan repayment, service charges and so on. Automating the banking operations listed above (and others not listed here) requires the use of automation tools. The tool to be adopted must be checked to ensure reliability for the use case, compliance with industry standards and other necessary details.
Selection Criteria for Bank Automation Tools
In selecting any automation tool for banks, here are some key factors to consider:
Security and Compliance It is a known fact that the banking sector works with a lot of data, especially sensitive data, this is why the tool to be used must comply with bank regulatory standards such as GDPR, SOX and others. The tool must also have the ability to encrypt data for privacy.
Integration Capabilities Automation tools build workflows by integrating connectors. Any tool selected for a bank should be compatible with other banking systems and be easily integrated.
Ease of Use and Implementation The users of the automation tooling the bank aren't technically inclined in most cases. This means a user-friendly interface is of great importance when choosing an automation tool for the bank. Training support should also be provided by the Automation tool vendor for ease of deployment.
Scalability and Performance Because the bank is a big-data sector, any automation tool to be used must be reliable in its performance and also scalable. The tool should be able to handle operations seamlessly, efficiently, securely and in the shortest possible time.
Deployment / Hosting Is the tool on-prem or cloud-hosted? Due to the nature of the data used in the bank, the automation tool needs to possess fully on-prem capabilities. This would ensure safety, security and total ownership of the bank's data during transfer or any other form of community.Considering these factors is the first step in deciding what automation tool to go for. Up next are some popular automation tools used by banks.
Top 3 Business Automation Tools for Banks
Activepieces
One emerging tool being adopted in the financial industry is Activepieces. Being an open source with a fully on-prem deployment capability, Activepieces offers data security and safe transfer. Activepieces is GDPR compliant, therefore making it a suitable tool for banking systems. Some of its features are:
- Open source and high rate of innovation
- Available utilities for connecting with banking software
- It can be hosted on-prem, hence complying with the security set up by the IT
- No-code development with a drag-and-drop user interface
- Handles complex tasks using the available AI connectors
Use Cases of Activepieces in Banking
- It can be used for end-to-end operations; such as account opening to onboarding
- Customer service e.g Transaction Alerts
- It can be integrated with existing banking applications to automate loan processes
- By leveraging a tool like Activepieces for banking operations, there's a high ROI and its on-prem deployment ensures you are in charge of your workflows and automation.
Zapier
Zapier is an enterprise automation tool with capabilities to integrate banking applications. Being an old player in the industry, Zapier has a vast library of connectors that can be integrated into your workflow. Zapier can be used for bank processes such as:
Data Entry and Synchronization
CRM applications like Hubspot can be integrated with your data entry workflow to automate the process of receiving the customer’s details.
Transaction processing
To automate transactions, different payment platforms like Stripe, Paypal, etc; can be integrated into your workflow on Zapier.
- Compliance and Documentation Zapier allows you to create and store audit trails for all transactions and changes using the banking software available on its platform.
Mulesoft
Mulsesoft is an automation tool that streamlines business processes into automated workflows. Mulesoft offers a wide variety of applications to select and integrate into your workflow. Mulesoft can automate some banking operations such as:
Customer Relationship Management For better Customer management, Mulesoft allows you to integrate banking CRM applications such as Salesforce into your workflow.
Financial Reporting and Compliance The generation and submission of regulatory reports can be automated by integrating with compliance management systems.
Fraud Detection Workflows can be automated to Integrate with fraud detection systems to flag and handle suspicious transactions.