The challenge: Maintaining profitability amid change
From an interest rate environment that has slashed revenue to new regulations that have increased the cost of compliance, the financial services industry faces tremendous challenge to profitability.
Improving operational efficiency in middle- and back-office functions, many of which still require highly manual and time-intensive processes, is critical to profitability in this environment.
The solution: Using software "robots" to automate tasks
One strategy that banks and other institutions are using to improve process effectiveness and efficiency is robotic process automation (“RPA”).
Robotic Process Automation applies specialized software to execute repetitive and structured activities previously performed by human operators. RPA typically replaces tasks such as field entry, copy/paste, mouse clicks, screen navigation, web services and database access, or log in/out tasks—time-consuming but low-value activities. Moreover, the robots can perform these designated tasks 24 hours per day, 7 days per week without human intervention
Your process personnel can program—or “train”—RPA software to perform specific tasks using the same systems, applications, and data in your current environment that people would use to perform those same tasks. As a result, RPA does not require infrastructure/system changes, complicated integrations, or custom development.
More importantly, using RPA to execute low-value tasks can free your staff to spend more time on activities that improve operations and enhance customer experience.
Our approach: Integrating human and digital workforces
Implementing RPA does not simply replace human operators. Rather, those operators will work in tandem with the digital workforce, supplying the decision-making and cognitive functions that robots cannot perform. Finding the right balance is key to delivering on the potential of robotic process automation.
- Deep financial services experience, including improving middle- and back-office operations
- Operations excellence experts who help you harmonize people, processes, and technology to maximize efficiency
- Change management approaches that prepare your employees to succeed in a post-automated world
- Customer experience experts who can help you translate process changes into enhanced experiences and greater satisfaction
Download the complete solution brief below.