2. Intricacy of process
Business processes are more likely to be complicated than simple transactions.
For example, suppose you are looking at moving money from one account to another. In that case, multiple steps will likely be involved (such as creating a wire request and entering details into a transaction application). If so, your RPA solution will need to be able to handle all of these tasks by itself. If your RPA solution can only take one or two tasks, it will not be able to complete all aspects of the process independently.
Credit unions should consider the following criteria when selecting RPA use cases:
Financial transactions: The more complex the business processes, the higher the use case value. For example, a credit union's loan application process may involve multiple steps with many different users. It is important to evaluate how RPA can improve efficiency and reduce errors by automating manual processes that use extensive information.
User-facing applications: If a credit union has high-volume user-facing applications that require sensitive data, such as member information, it may be worth automating them rather than relying on manual data entry.
Transactional applications: Transactional applications include tasks such as account reconciliation and payment processing that humans typically perform. These tasks are not always well suited for automation because they involve complex business logic or large amounts of data entry. In addition, transactional tasks often require a human touch to ensure that they are completed correctly and promptly.
Non-transactional applications: Non-transactional applications include internal administrative tasks such as updating job titles or approving contributions from employees' paychecks. These types of activities also require some level of human interaction.
The complexity of each process is an important consideration when choosing your RPA use cases. You will want to select RPA use cases that are simple enough to be automated and complex enough to provide real value.
3. Impact on service delivery
In order to ensure that service delivery is positively maintained, it is important that credit unions pay attention to the RPA use case selection criteria.
For example, if a credit union implements RPA and customer satisfaction is improved, then it is more likely that customers will repay their loans in time and not default. This will positively impact the credit union's loan portfolio and increase the profit margin of this institution.
RPA use cases should be selected that have the potential to improve customer satisfaction, reduce costs and increase transparency. This is especially important for smaller credit unions that may not have the resources to implement an enterprise-wide RPA solution.
4. Perceived value of RPA to the team and members
In order to determine which use cases are worth pursuing and which are not, a credit union first needs to determine how much value it can get from using RPA. This is done by identifying each use case's perceived value to the team and members. The best way to do this is by using an expert panel or a survey, but any way you can gather feedback from your employees will work just fine.
Next, you need to decide which use cases are going to be used most often by your members. The more popular the use case among team members, the more they can be used as a selection criterion when identifying RPA use cases for your credit union.
Once you have determined which use cases you want to pursue, it's time to find out how long it will take for them to be completed annually.
5. Total potential hours saved per year
Credit unions have a lot of data to sift through, but they also have limited time and budget. To ensure they are investing in the right technology, they need to know the return on investment (ROI) that the RPA solution will provide. The total potential hours saved per year is one of the most valuable factors when considering RPA use cases.
If you can show how an RPA solution will save credit unions money by reducing manual work, that's a big deal for your credit union board members.
Identifying use cases that can save potential hours per year could help your credit union ensure that your employees are working on important tasks.
So, showing your credit union board members how any RPA use case can save money by reducing your team's workload — or at least making them more efficient — could go a long way towards selecting and winning more business.
4 Steps in Identifying RPA Use Cases for Credit Unions
Credit unions can use RPA technology to streamline operations, improve customer service and increase productivity. But they must first understand what tasks they want the software to perform to determine whether RPA is right for them.
Here are four steps credit unions should take when identifying RPA use cases:
1. Identify High Volume Processes
High volume processes are those that are critical to the success of a credit union and require staff to complete tasks in real-time. These processes include loan processing, fraud management, and account servicing. Identify high-volume processes by reviewing existing data on all transactions within these areas.
If a credit union has high-volume processes, it will be more efficient and effective if they are broken down into smaller units. Breaking down the overall strategy into smaller units will enable you to understand the process more clearly and identify potential improvements.
Here is how you can identify the high-volume processes performed by your credit union employees:
a) Start at the macro level, understand the overall strategy and business unit objectives
Start at the macro level, and understand the overall strategy and business unit objectives. Then break down each process into its individual components that are performed by various employees or teams within your credit union.
Once you have identified these processes, evaluate them for effectiveness. For example, if your credit union has an hourly processing team that performs a large amount of work in an hour, it may be better for them to move their work to another department or employee who can complete it more quickly.
b) Meet with the business unit leaders to understand their goals and challenges
Meet with your credit union business unit leaders who will be responsible for implementing the RPA solution. The goal of this meeting is to understand their goals, challenges, and objectives for using RPA solutions. This will help you determine which RPA solutions may be useful for your credit union.
c) Meet with front-line staff to understand their daily challenges
Meet with front-line staff who work in these critical functions to understand what they do on a daily basis and how they currently process payments or other transactions.
Ask them questions such as:
- What do you like most about your job?
- What do you like least about your job?
- Why do you like/dislike working at this bank or institution?
With all this information you would have collected now, it's time to expand the view to enterprise-scale and identify use cases across business units.