Technologies such as Robotic Process Automation, Machine Learning, and Artificial Intelligence already have a vital impact on compliance, payments, and retail services, among other fundamental banking functions. Banks need employees with the skills to understand how these technologies can be effectively applied, and at the same time, continue to operate according to the strategic plan.
“Digital transformation must be a clearly articulated strategic priority, supported by appropriate funding, talent recruitment, openness to new agile ways of working, and a willingness to take risks.”Boston Consulting Group
Innovations have to align with strategic objectives
For the last several decades, banks have been open to the technology innovations that help them streamline business processes, become more productive, and reduce operational costs. However, shaking the existing IT infrastructure is time-consuming and, obviously, expensive. Not too many technologies can be deployed in a short time and keep a corporate system without significant changes. Here is where RPA comes to the stage.
- Digital workers augment processes = RPA gives more time to strategize
At its core, RPA automates manual, repetitive, and structured tasks with software robots. These programmed robots augment regular personnel who hold human strengths, such as critical thinking, communication, collaboration, and creativity. So RPA bots free employees’ time for higher-value, more strategic tasks.
According to research by ABBYY, employees want robots to do their most-hated work tasks like data entry, reviewing long records, filing forms, and processing data from documents such as payroll and invoices using OCR.
- Petabytes of data continue to create significant business challenges = RPA can provide better customer experience
Large numbers of data will remain constant in financial services organizations. Moreover, customers continue to demand timely engagement that is stimulated by digital capabilities. In fact, customers came to expect it. According to a PwC survey, customers expect a fast and informative digital experience from financial services providers. Opening a new account, applying for a loan, filing a claim, etc. – all of these processes can be done digitally and robots can process the data faster than humans.
- More natural introduction of the digital workers to staff = Easy transition
The IT department no longer maintains the deployment of new technologies. The more common users and supervisors of the digital workforce are teams in specific business units and Centers of Excellence (CoE) who are looking for a self-service model that provides a quick ROI for simple point solutions. Financial services organizations can now easily attain a digital workforce directly from the RPA ecosystem.
A smarter digital workforce will make room for the adoption of new technologies that will drive the creation of new products and services, and therefore elevate staff to higher-value work. It’s crucial for financial institutions to not be at a standstill and to advance their digital transformation journey with a digital workforce.
Employees will perform at levels that will surprise even themselves. Their synergy with programmed robots will boost the development of new products, services, and even business models that will grow in a new, updated direction. The potential, when collaboration is perfected, is barely possible to overstate.