Fidelity Bank<\/a> formally announced its Strategic Innovation and Optimization Lab, an internal consulting team to help the bank better serve clients through technology enhancements, process improvements, project management and data analytics to better understand and anticipate client needs.<\/p>\n\u201cWe make great improvements by collaborating with our colleagues who know banking inside out,\u201d said Sheila Julien, Director, Strategic Innovation and Optimization Lab. \u201cThe lab brings expertise in some sophisticated technologies as well as systematic process improvement and project management. Together, we reimagine and reinvent our business processes.\u201d<\/p>\n
\u201cThe list of tools we can deploy to improve processes include data gathering and workflow, Microsoft\u00ae Excel\u00ae PowerQuery and macros, and Robotics Process Automation (RPA), which leverages trained bots to automate routine tasks through a user-friendly interface,\u201d added Julien.<\/p>\n
Three staff members are certified experts in RPA and have deployed nearly a dozen bots in the past year.\u00a0 These include daily execution of complex tasks and large-scale repetitive tasks for major projects, such as system conversions.<\/p>\n
\u201cWe can handle projects with significant complexity to help navigate the technology race that many industries are facing,\u201d said Jim Notaro, Vice President and Manager, Strategic Innovation and Optimization Lab. \u201cBut you\u2019d be surprised at how much value we\u2019ve created with tools most businesses already have today.\u201d<\/p>\n
For example, Notaro developed an internal document portal for easy storage and retrieval of imaged documents. \u201cFor years, we physically moved our documents between locations via courier or email, and then we would file the documents in an array of cabinets, all of which proved very cumbersome and inefficient,\u201d added Julien. \u201cBy utilizing the document portal Jim developed, we ensure everyone has secure, easy access from their desktops to the information they need to do their jobs more efficiently.\u201d<\/p>\n
Additionally, the team utilized available technology to automate ATM balancing. \u201cThe process of balancing our fleet of ATMs used to take nearly 90 minutes each day to complete,\u201d said Julien.\u00a0\u201cBy studying the process and listening to colleagues describe their experiences doing this task, we were able to import the data and write the complex formulas to process most of the data automatically. Now it can be done in less than ten minutes each day.\u201d<\/p>\n
The lab also supports lines of business with complex data analytics requests. To add new advanced skills to the lab, two members of the team are pursuing advanced education in Machine Learning and Artificial Intelligence applications.<\/p>\n
\u201cWhether analyzing data, innovating processes, or managing a project for our internal clients, the lab follows the same C.A.R.E. process that our bankers use to help all our clients: We\u00a0C<\/i><\/b>ollect<\/i>\u00a0information about their goals and their situation,\u00a0A<\/i><\/b>nalyze<\/i>\u00a0the information,\u00a0R<\/i><\/b>ecommend<\/i>\u00a0an approach, and\u00a0E<\/i><\/b>xecute<\/i>, all done with care,\u201d added Julien.<\/p>","protected":false},"excerpt":{"rendered":"
First-of-its-kind lab to revolutionize banking processes and procedures Fidelity Bank formally announced its Strategic Innovation and Optimization Lab, an internal consulting team to help the bank better serve clients through technology enhancements, process improvements, project management and data analytics to better understand and anticipate client needs. \u201cWe make great improvements by collaborating with our colleagues […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-16365","post","type-post","status-publish","format-standard","hentry","category-member-news"],"yoast_head":"\n
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