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Blog | Mar 30, 2020

Future of Work - Impact of RPA in FSI

By Eric Maloney
Advisory Partner Solutions Director
Read Time: 2:42
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A Digital Workforce is comprised of AI services, digital coworkers and human coworkers mixed in increasingly complex ways to carry out new workflows. The advent of Industrial Revolution 4.0 continues an accelerating rate of change of technologies and business solutions across all industries. It has enabled a plethora of disruptive technologies, such as self-driving cars and other Internet-of-Things (IoT) devices that need increasing intelligence, automation and human skills to mature and scale.

Financial Services and Insurance (FSI) is an industry vertical where individual companies can generate petabytes of data daily. This is driving the need for new approaches to analyze and leverage this data. AI services and Intelligent Automation are critical to produce insights and carry out task which generate value in secure and scalable ways in near real time. The focus on Modern Application development and technical debt will become supplanted by the critical issue of AI driven business processes and operational debt.

Here are just a few high level FSI impact examples:

  • Intelligent Customer Engagement - personalization of customer experiences, offerings, and services anywhere, anytime accomplished thought the wedding of Artificial Intelligence and Automation services.
  • Collaborative Banking - enabling innovative business models through robotic value aggregation using third-party partnerships and disparate data sources on a scale a human worker could never deliver.
  • Digital Transactions – are rapid, secure, transparent, and can scale to multi-party transactions that can be automated to ensure resilient and accurate workflows.
  • Analytics and Insights - offering better understanding of business performance, improved customer relationships and sales while also enabling greater insights into product development and planning.
  • Compliance Processes - built into automated workflows, reducing the complexity and cost of compliance while addressing compliance issues and efficiently responding to regulator requests – with immutable logs for every step in a business process.
  • The process of a customer choosing a bank can be affected by employing social analytics, marketing analytics, personalized banking and digital on-boarding in a secure, near real-time manner that can scale with growth.
  • The ability to perform automated transactions that are context-aware, support Natural Language (LLP) conversational banking, easily allow partner integration and support a seamless digital experience with provide competitive differentiation.
  • Intelligent automation will increasingly blur the lines on how customers receive financial advice across finance management tools, bot-based assistance and personalized financial advice.

FSI Digital hot spots can be addressed and mitigated by the integration of Digital Workers in delivering customer value and developing competitive differentiator, all the while Providing clients with a more holistic and value driven experience:

The critical question for many people working in FSI is, “Will intelligent automation take away my job?” It depends upon the skills you have and the up-skilling you embrace that will be captured with the new the metrics being created in the Automation Revolution, the Collaboration Revolution and the AI Revolution. All these undertakings will feed into the Digital Transformation of Financial Services organizations. It will also impact their partner organizations along with corporate clients. The challenge of embracing Intelligent Automation will be to always account for the human impacts and business outcomes. Digital coworkers will elevate the importance of what their human coworkers can bring to their organizations and customers.

Tags: Industry Trends

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