Process Automation

Process automation is the use of software to execute business processes with minimal manual intervention. It involves defining process steps, business rules, and approvals. The software carries out these activities consistently and at scale.

In regulated industries such as banking, process automation is commonly applied to workflows that involve multiple teams, data sources, and compliance requirements. Typical examples include client onboarding, KYC checks, loan origination, periodic reviews, and other lifecycle processes.

The primary goals of process automation are to increase operational efficiency, reduce risk, improve consistency, and enable organizations to provide a seamless customer experience.

Synonyms

Workflow automation

Acronyms

RPA (Robotic Process Automation), BPA (Business Process Automation)

Examples

A bank uses process automation software like Atfinity to streamline client onboarding by automatically collecting data, assessing risk, generating documents, and routing cases for approval based on predefined business rules.

FAQ

What are the key benefits of process automation?

Process automation reduces manual effort, minimizes errors, ensures consistency, improves turnaround times, and provides an audit trail. It allows staff to focus on higher-value activities.

What types of processes are good candidates for automation?

Processes that are rule-based, repetitive, high-volume, and prone to human error are prime candidates. Examples include onboarding, KYC reviews, loan origination, and other compliance-related workflows.

How does process automation relate to digital transformation?

Process automation is a key enabler of digital transformation. By digitizing and automating end-to-end processes, organizations can improve the customer experience, increase operational agility, and drive cost efficiencies.