RPA (robot process automation) and API (application programming interface) are two of the most common types of automation used in the financial services industry. But what exactly is the difference between them, and which one should you choose for your credit union?
Where RPA works well: It can automate any task that a human being can perform faster and more accurately than a human could. In addition, its ability to repeat workflows makes it ideal for performing routine tasks that don't require human judgment or creativity. Its access to third-party applications makes it an excellent choice for integrating disparate systems.
Where APIs work well: It allows you to connect applications without having to rewrite code or change how they work. This can be especially useful if your application doesn't have an open API available or if there's no documentation available for how it works internally. You can also use APIs to integrate new applications into your existing workflow without worrying about introducing errors into your system or changing how things work.
When to use RPA or API for automation: If you want something done quickly and accurately with little human intervention, then RPA is your best bet. It excels at processing large amounts of data
Anywhere you have a process involving many manual steps or multiple systems working together, you can benefit from implementing an API integration. For example, if your credit union has different departments with different databases, then you might want to develop a way for them to communicate with each other over the network. One way would be by creating a user interface (UI) or application programming interface (API).