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  • Writer's pictureNick Tubis

How Mid-Market Community Banks Can Overcome Operational Challenges in 2023

Updated: Mar 20, 2023

Mid-market community banks often face a unique set of challenges when it comes to managing their operations. These banks are typically too small to afford the expensive technology and infrastructure required for full automation, but they are also too large to rely on manual processes.

One solution that mid-market community banks can consider is using robotic process automation as a service (RPAaaS) with human-in-the-loop or human-as-a-back-stop capabilities. This type of RPAaaS offers a hybrid approach that combines the benefits of automation with the flexibility and adaptability of human workers.

What Exactly is RPAaaS?

RPAaaS is a cloud-based service that provides community banks with access to software robots, or "bots," that can mimic the actions of human workers. These bots are able to automate a wide range of banking tasks, from data entry and processing to risk management and compliance.

One of the main advantages of RPAaaS is that it is a pay-per-transaction model. This means that community banks only pay for the automation services that they use, rather than having to invest in expensive technology and infrastructure. This can help mid-market community banks reduce their upfront costs and avoid the risks and expenses associated with implementing and maintaining automation technology.

Another advantage of RPAaaS is that it is easy to implement and use. Community banks can quickly and easily set up/configure their bots, and they can also monitor and control their automation processes in real-time. This can help mid-market community banks get started with automation seamlessly and without the need for specialized training or expertise.

However, the real advantage of RPAaaS with human-in-the-loop capabilities is that it offers a hybrid approach that combines the benefits of automation with the flexibility and adaptability of human workers. This type of RPAaaS allows community banks to automate routine and repetitive tasks, while also providing human workers with the ability to intervene and handle exceptions and edge cases that the bots are unable to handle.

For example, RPAaaS with human-in-the-loop capabilities allows human workers to monitor the automation process in real-time and intervene if necessary. This can help community banks ensure that the automation process is operating efficiently and accurately, and it can also help them identify and resolve any issues or errors that may arise.

Meanwhile, human-as-a-back-stop capabilities would allow community banks to ensure that their automation process is able to adapt to changing conditions and handle unexpected situations, while also providing a backstop to prevent errors and ensure compliance.

RPAaaS Use Cases

In terms of specific use cases, some of the highest value opportunities for automation in the community banking industry include:

Account opening and onboarding

A critical element of maintaining and upholding customer lifecycle value.

Loan origination and underwriting

A complex and time-consuming process for community banks. Automating these tasks can help community banks reduce the need for human intervention, improve the accuracy and compliance of their loan underwriting processes, and reduce the time and cost associated with loan origination.

Fraud detection and prevention

A critical task for community banks, requiring a high level of accuracy and attention to detail. RPAaaS with human-in-the-loop capabilities can help community banks automate the detection and prevention of fraud, improving the accuracy and speed of their fraud operations.

Risk management and compliance

A critical function for community banks, involving a wide range of tasks: from monitoring and managing risks to ensuring compliance with regulations and laws. RPAaaS with human-in-the-loop capabilities can help community banks automate and streamline their risk management and compliance processes, improving their overall financial performance.

Customer service and support

Another important function for community banks, involving a wide range of tasks: from answering customer inquiries and processing transactions to handling complaints and resolving issues. RPAaaS with human-in-the-loop capabilities can help community banks automate routine and repetitive tasks, improving the efficiency and accuracy of their customer service operations.

Financial reporting and analysis

A crucial part of the operations of community banks, involving preparation and analysis of financial statements, tracking and managing financial performance, and complying with regulatory requirements. RPAaaS with human-in-the-loop capabilities can help community banks automate and streamline their financial reporting and analysis processes, reducing the need for human intervention and improving the accuracy and compliance of their financial operations.

How Stealth Scaling is Solving Problems for Mid-market Companies

For the first time ever, Stealth Scaling is focused on making automation affordable for mid-market companies who have yet to embrace automation; in the past, it has simply been too expensive or unavailable to them.

Stealth Scaling is an intelligent automation-as-a-service company that helps automate manual, repetitive processes end-to-end for finance and accounting departments by leveraging AI, RPA, and humans in the loop.

Stealth is investing in the mid-market space by funding the automation implementation, maintenance, human in the loop costs, and license costs and becomes your center of excellence for automation.

Stealth only charges per successful transaction, whether a bot or human completes it.

This allows customers to start reaping the benefits of automation and have a tangible ROI on day 1 of the bots and humans in the loop going live.

Going from a payback period with software to a ROI on day 1 of launch is revolutionizing automation within the mid-market space.

Stealth Scaling has operations in Miami, Fl and Metro Manila, Philippines to completely automate work end to end.

Stealth will build out software robots that can mimic what humans do in manual repetitive processes such as invoice processing, order to cash, data reconciliation, data entry, know your customer, claims processing, and more.

The bots run 24/7, can scale up or down based on seasonality, and are backed by trained humans in the loop who have clinical experience.

The humans only handle exceptions or validations that the bot needs assistance with.

The Philippines has a hub of talented practitioners in a variety of verticals that can jump in and support these processes when needed.

This is truly a disruptive model because clients don’t pay any implementation, maintenance, or license fees to software companies to start automating processes.

If you would like to get a free automation evaluation please fill out our contact form and our automation specialists will get in touch with you right away!

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