RPA

The CEO of the Hauppauge, New York credit union is one of American Banker's 2024 Innovators of the Year.

First Busey Corp. is investing in software to eliminate the drudgery of some tasks. But this Best Bank to Work For will judge the success of the tech initiative by employee engagement more so than just efficiency. The goal is to boost morale.

Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.

Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.

KeyBank, Regions and others are using self-service portals, robotic processing automation and virtual assistants to digitize the collections process and make it more humane in anticipation of rising delinquencies.

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 custody bank has deployed more than 300 bots and is using artificial intelligence throughout the organization.

Credit decisions were a natural place to start with artificial intelligence, but now banks and credit unions are taking the technology to all parts of their businesses.