Union Bank Plc has announced the deployment of the innovative Robotic Process Automation (RPA) technology in its operations.
The bank explained that the move would set it apart from its counterparts in the industry.
The new technology was launched at an event which took place at the bankâ€™s head office in Lagos.
The RPA technology makes use of robots which are software tools developed to simplify business process delivery. The software robots offer improved business efficiency and data security by automating repetitive tasks across multiple business applications without altering existing infrastructure and systems.
Speaking at the event, the chief executive of Union Bank, Mr. Emeka Emuwa expressed delight, saying the bank was the first in the industry to introduce robotics into its processes.
â€œThe 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.
â€œI commend the hard work and dedication of our Union Bank team for the effective execution of this project,â€ Emuwa said.
Furthermore, the Union Bank boss said the adoption of the RPA technology was expected to enhance staff productivity, reduce process turnaround time and improve accuracy and compliance.
According to him, 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.
â€œIn the first phase of the Bankâ€™s RPA implementation, reconciliation of ATM transactions are now fully automated, cutting down processing time by over 60 per cent and ensuring that refunds on ATM fund dispense errors are promptly and efficiently carried out.
â€œUnion Bankâ€™s marked technological advancement in recent times is a major element of its transformation programme and has included the redefinition of the Bankâ€™s business model, reengineering of its work force and rebuilding of its physical infrastructure.