SMA Technologies, the creator of OpCon Workload Automation & Orchestration (WLA&O), is enhancing its automation solutions for financial services by introducing robotic process automation (RPA) capabilities through OpCon RPA.

The new addition empowers clients to effortlessly record and automate user interface (UI)-specific workflows on Windows and web platforms, eliminating the need for manual intervention in financial services processes.

SMA Technologies CEO Todd Dauchy said: “OpCon RPA is our next step in providing our clients the most comprehensive automation platform to save time, reduce errors, and free their staff to work on more strategic initiatives.”

The release of OpCon RPA comes at a significant moment in the dynamic RPA marketplace, where most solutions cater to general-purpose automation across various industries.

However, OpCon RPA stands apart by leveraging SMA’s extensive library of integrations tailored specifically for banks, credit unions, and other financial service providers. This targeted approach allows OpCon RPA to address the specific and unique workflows of these businesses with unparalleled precision.

OpCon RPA represents a remarkable leap forward in financial services automation, bridging manual gaps that have persisted in operations and boosting the efficiency of individuals and organisations.

By extending OpCon’s capabilities to tasks that traditionally required manual intervention, this new offering completes the “last mile” of automation, delivering unprecedented levels of operational efficiency.

Among the key applications of OpCon RPA are interest rate adjustments, customer onboarding, and regulatory compliance.

RPA enables financial institutions to automate routines that ensure the proper adjustment of interest rates on variable-rate loans and accounts when the Federal Reserve raises its benchmark Fed Funds rate, in adherence to customer agreements and disclosures.

According to SMA Technologies, RPA streamlines the account opening process by integrating various manual tasks, such as verifying identification, conducting Know Your Customer (KYC) due diligence, pulling credit scores, and ordering checks and debit cards, with external databases and systems. This results in a smoother and more efficient customer onboarding experience.

With OpCon RPA, compliance officers can expedite their workflows by scheduling automated data pulls from multiple sources, allowing for regular and automated report generation and distribution to management, the board, and regulatory examiners.

The introduction of OpCon RPA marks a significant advancement in the automation landscape for financial services, providing a robust tool to optimise workflows, increase efficiency, and facilitate end-to-end automation within the industry.

SMA Technologies chief technology officer Ryan Dimick said: “With OpCon RPA, we’re pushing the envelope of automation possibilities for financial services.

“We’re excited to provide our clients with the ability to increase efficiency and drive more innovation within their organisations by freeing employees to engage in more meaningful work.”