Skip to content

Banking on Automation: Five Automations Every Bank Needs (Part 1)

The banking industry is ripe for digital transformation. As such, HuLoop created the content series “Banking on Automation”, which features automation ideas inspired by Bot Nirvana, that are specific to the banking industry. By automating both internal and consumer-facing functions, bank employees can spend less time on repetitive, mundane tasks and activities, and more time on initiatives that add value, increase profits, enhance the customer experience and build brand loyalty. While this first article is focused on five automations that are applicable across the industry, HuLoop’s unified hyperautomation platform provides a wide variety of automation opportunities within a bank institution setting that will be explored throughout the series.

Opportunity #1: Customer Onboarding

During the customer onboarding process, collating data from disparate internal systems and external sources is a challenging task. The HuLoop platform enables bots to be used to collect and retrieve data from regulatory agencies, such as the Securities and Exchange Commission (SEC), and law enforcement agencies, such as the Federal Bureau of Investigation (FBI) and Interpol, to speed up the onboarding process.

While some banks are implementing Robotic Process Automation (RPA) solutions for Know Your Customer (KYC) document gather and validation processes, the HuLoop platform enables banks to also leverage cognitive technologies like machine learning (ML) for document validation to quickly identify prospects with suspicious records and reject their applications. This helps banks avoid opening accounts of undesirable customers.

Opportunity #2: Internal and External Reporting

Internal management reporting and external regulatory reports, such as daily liquidity coverage reports, delinquency reports, and others, require business teams to spend considerable time manually gathering and assimilating data from various sources.

Data gathering and consolidation is a lengthy and tedious process, which doesn’t leave adequate time for reviews, adversely impacting the accuracy and quality of these reports. By enabling HuLoop’s RPA capabilities to take over the data assimilation process, business teams will be better able to focus on analysis and review of reports.

Opportunity #3: Audit Report Generation

Banks are routinely evaluated and audited by regulatory agencies. And when the auditors come calling, institutions need specific reports and data ready to not only stay in business, but to be considered when you apply for deposit facilities, including mergers and acquisitions. Companies spend considerable time and resources developing reports, preparing for audits, managing employees, and consulting with legal counsel to ensure they remain compliant.

HuLoop’s hyperautomation platform can help control these costs and reduce risk by simplifying the compliance and reporting process. HuLoop can be leveraged to automatically generate reports from the bank’s data, dramatically reducing the amount of time spent on compliance-related activities. Banks can stay prepared when audit time comes by automating the specific reports needed to always be at the ready.

Opportunity #4: Mortgage Applications

When a customer applies for a mortgage, there are many steps they must go through, which introduces friction and inefficiency that can result in the bank losing the customer.

Using the HuLoop platform, however, a mortgage bot can be created to engage with the customer right at the start of the application, request their proof of ID, earnings, and recent utility bills, and then pass this to back-office processes for validation—which removes much of the friction experienced by the consumer.

HuLoop’s RPA solution can be used for the validation processes, while the digital assistant manages questions from the customer, understands intents, gathers the relevant documents, and keeps the customer informed of any issues.

The property valuation can be automatically provided via RPA using property market data, so that the customer can be proactively updated on the status of their mortgage application via the digital assistant.

Opportunity #5: Automated Address Change Updates

Banks and other financial institutions have customers who change their office or residential address frequently. Once the address changes, customers need to update their service providers like banks, insurance providers, utility companies and more simultaneously as part of their KYC.

Each service provider has a minimum of 3-4 full-time employees deployed to take care of these requirements. Using Intelligent Document Process (IDP) automation within the HuLoop platform, bots can extract the data and cross-check the signature and ID proofs for the change of address on behalf of the institution. If it matches, then the systems are automatically updated and if not, an automated email is sent back with a valid reason.


While this first article in the “Banking on Automation” series highlights just five ways that banks and other financial institutions can implement intelligent automation within their internal and customer-facing operations, significant automation opportunities exist within the banking industry that will be explored throughout the series.

If you found this article helpful and would like to discuss more automation opportunities that are specific and relevant to financial institutions, please click here. Additional ideas will be released throughout the “Banking on Automation” series and can be found on Bot Nirvana’s site.

Bot Nirvana

About Bot Nirvana

Bot Nirvana is an online professional support group for Intelligent Automation (IA) leaders. We explore practical ways you can leverage IA including strategies, technology, tools, vendors, and processes to grow your career, team, and organization. Visit us at

HuLoop Automation

About HuLoop Automation

Based in the Sacramento, California area, HuLoop Automation offers an AI-powered, no-code, unified automation platform that helps clients drive transformation, and achieve revenue growth, cost savings, and productivity gains by automating mundane, repetitive activities that we don’t want our people doing.

This platform brings next generation hyperautomation innovation across several key solution areas: 1.) data driven process and task discovery, 2.) business process automation (BPA), 3.) robotic process automation (RPA), 4.) intelligent document processing (IDP), 5.) software test automation (TA) and 6.) intelligent data automation (IDA). HuLoop is used across the enterprise by both businesspeople and technology experts. Learn more at and follow HuLoop on LinkedIn, Facebook and Twitter.

Back To Top