Financial Institutions world-wide are grappling to monitor and deal with the pressures caused by the pandemic.
They are seeking to understand both the immediate changes to their business model while continuing to meet and exceed evolving customer expectations. They are also assessing the long-term impacts and interdependencies of the global economy, which we all live and work within.
This has created a unique inflection point for financial institutions needing to find new ways to embrace the future of work and serve their clients without interruption, while not sacrificing or jeopardizing employee well-being. Covid has become the catalyst for driving innovation.
Gone are the days where financial services companies can rely on wage arbitrage and outsource complex procedures to lower cost locations, or just add more bodies to their risk and control teams to tackle cumbersome, but important compliance tasks.
Whilst moving to a large-scale work from home, banks have put Covid response programs up in days using intelligent digital workers. These intelligent digital workers can be deployed and scaled as needed throughout an organization without requiring additional staff such as mortgage deferral teams (which usually number in the hundreds) to execute mission critical tasks. This approach to intelligent automation also circumvents the limits of desktop automation solutions, as employees shifted to work from home, leaving their desktop PC’s in shuttered offices.
We’ve seen large stock exchanges use our digital workers to validate credit check and ID verification, or check IPO documentation. You can imagine the complexity of this type of process, from extracting and validating critical information against open sources to pulling data from a myriad of disparate technology systems.
All these examples underscore the fact that we are in a post IT legacy environment. That is to say we’ve arrived at a digital singularity where an intelligent digital workforce becomes the “glue” and gateway for linking the past, present and future technologies. This means technology assets and systems can now be repurposed and rendered backwardly compatible.
So, when an “established” bank looks at a new financial services start-up being envious of their clean, homogeneous design and simple set of products – they can operate in this new dawn and imagine new business services and customer acquisition paths. The goal of using a digital worker is to get as close to a human worker as we possibly can. Give it the same flexibility and capabilities, resiliencies to carry out work, and creativity to solve certain operational problems.
This way the daunting challenge of doing more with less, isn’t as onerous with a digital workforce. As financial institutions embrace this technology it becomes easier to focus on business outcomes that truly transform and have a lasting impact. The digital workers themselves can swarm to tackle work, and through centralized orchestration can be scaled to handle a multitude of tasks, all without compromising security or human oversight.
We are seeing a cohort of business leaders around the globe, coming together to think about how to move beyond the curve of this new technology alongside us, and we invite you to do the same!
To get a glimpse into how intelligent automation will have an impact on the financial sector you can hear more from me in two Sibos sessions. The first one called “March of the Machines: Getting Better Execution from Automation, Cloud and AI” that’s being broadcast on Wednesday, October 7th at 17:30 (CET) 16:30 (BST) and the second titled, “The Future of Work: Automate Smarter” that’s being broadcast on Wednesday, October 7th at 09:30 (CET) 08:30 (BST).