After initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.
Employees at first feared the process might eventually lead to the elimination of their jobs. Ultimately, however, the bots let employees focus on more important tasks, the bank says.
The bank has funded and deployed the company's software, which can be used to quickly bring new products to market and reduce the need for programmers and other expenses.
Robotic process automation is said to have a high return on investment, but adopting it on a large scale has proven challenging, especially at community banks.
