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Robotic process automation in financial services

Increasing the scale and value of financial cognitive automation 

Robotic process automation (RPA), cognitive automation, and artificial intelligence (AI) are transforming how financial services organizations operate. Today, many organizations are still in the early stages of incorporating robotics and cognitive automation (R&CA) into their businesses. Find out how you can maximize the value and benefits from R&CA investments.

The essential journey to scale

What is robotics and cognitive automation (R&CA)? R&CA refers to a broad continuum of technological capabilities, ranging from robotics that mimics human action to cognitive automation and artificial intelligence that mimic human intelligence and judgment.

According to the 2017 Deloitte state of cognitive survey, 76 percent of companies across a wide range of industries believe cognitive technologies will “substantially transform” their companies within three years. However, the survey also shows that scale is essential to capturing benefits from R&CA. Specifically, 49 percent of respondents with 11 or more R&CA deployments reported “substantial benefit” from their programs, compared to only 21 percent of respondents with two or fewer deployments.

Without sufficient scale, it is difficult for the benefits from R&CA to justify the effort and investment. Learn more about the common pitfalls and how to build a successful foundation for scaling.

Four major stages to scale robotics and cognitive automation

Have you encountered these common pitfalls?

Building a foundation for successful scaling

A holistic view of automation capabilities can help organize and galvanize a team to avoid the common robotics and cognitive automation pitfalls and ultimately achieve scale. Start by articulating the robotics and cognitive automation mission based on key value drivers and establish a clear and compelling business case. Create a broad vision and roadmap. Establish robust, right-sized governance, select an appropriate operating model, and collaborate across boundaries. You also want to gain access to the necessary specialized skills and talent. And what about technology? Establish the architecture elements necessary to support scale. Select the right processes. Collect and analyze data with purpose.

Although R&CA hinges on technology, the primary focus should be on business outcomes. Technology is simply an enabler. The most successful organizations are laser-focused on what they are trying to achieve with R&CA, and they have success measures that are explicit and transparent. This clarity makes it easier to align people, resources, and initiatives across the enterprise to achieve the expected benefits.

Focus on outcomes with Deloitte’s R&CA solutions

Leverage the power of robotic process automation and cognitive automation with our suite of solutions. These solutions can help financial services organizations transform core processes, reduce cost, rapidly scale up or down, and decouple profits and labor.

Learn more about Automating financial services with robotics and cognitive automation.

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