Robotic - Process automation for the financial industry
We have seen it in movies, we have read fantastical futuristic fiction about it, and now it is upon us: Robots performing human tasks.
The future posed by film creators and novelists is still a bit further away, but the technological advancements that could make it possible are coming. We have already seen robots in factories for years, mimicking human arms and legs, but now we are on the verge of seeing robots that replicate the human brain. Just like their physical cousins transformed manufacturing, these “virtual” robots are likely to change the way we run our business processes. Robot-led automation has the potential to change today’s workplace as dramatically as the machines of the Industrial Revolution changed the factory floor.
Organizations—financial industry players in particular—are facing significant internal challenges and external industry and consumer changes. To survive, they must focus their efforts on creating value for their customer; focusing very often means investing. They have no choice but to optimize their cost side and hunt for any efficiency waste. Financial institutions must take at least three dimensions into account that have an impact on their business:
- The economic dimension: Client expectations are more demanding while the competition is stronger. That leads institutions to face cost challenges.
- The strategic dimension: Institutions have ambitions to grow, but usually face difficulties to take regulatory changes, consumer trends, and technology trends into account.
- The operation dimension: Institutions want a fully scalable, nimble, low-cost operating model.
Inside magazine issue 13, October 2016
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).