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Automating Financial Services with Robotics and Cognitive Automation
Leverage the power of robotic process automation and cognitive automation
Robotics and cognitive automation (R&CA) is transforming how financial services firms operate, and over the next few years more widespread adoption of R&CA is expected across the industry. Today, however, many firms are still in the early stages and aren't sure how to achieve the scale necessary to produce substantial business value. So how can your organization increase the scale and business value of automation?
Explore content
- Where are you in the R&CA journey?
- Sample outcomes of RPA
- Get started with our R&CA solutions
- Perspectives
- Videos
Where are you in the R&CA journey?
According to the 2017 Deloitte state of cognitive survey, 76 percent of companies surveyed 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 may seem difficult for the benefits from R&CA to justify the effort and investment. Yet all too often, firms find themselves stuck in experimental mode—held back by resource and knowledge limitations, or overwhelmed by the complexity of technologies and processes. Avoid common pitfalls by setting the right expectations with appropriate preparation and diligence. This can help you build a foundation for successful scaling.
Sample outcomes of robotic process automation
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Transformative change Re-engineer core processes while automating the function. |
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Flexibility Rapidly scale up or down depending on the nature of the business issue. |
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Cost reduction Significant potential cost reduction opportunity, depending upon characteristics of the selected automation functions. |
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Decouple profits and labor Revenue and profit become less dependent on the ability to scale labor; automation enhances the abilities of current resources. Revenue and profit become less dependent on the ability to scale labor; automation enhances the abilities of current resources. |
Get started with our R&CA solutions
Perspectives
| Cross-financial services industry | |
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Automation-driven transformation: How to increase the scale and business value of automation in Financial Services Robotic process automation, cognitive automation, and artificial intelligence are transforming how financial services organizations operate. Today, many organizations are still in the early stages of incorporating R&CA into their businesses. Learn how you can maximize the value and benefits from R&CA investments. |
| Banking | |
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Automation in on-boarding and ongoing servicing of commercial banking clients: Streamlining processes and costs with robotic process automation (RPA) and cognitive technologies The process of on-boarding commercial banking clients can be a long and expensive one. This process can take as long as 16 weeks to complete, often hampering the customer experience. Banks may end up investing as much as $30,000 to onboard a new client. While banks have traditionally needed a large workforce to complete the many manual processes required for onboarding, that need is quickly diminishing with the development of RPA and other cognitive technologies. |
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Robotics and cognitive automation will keep banks from drowning in data Most financial institutions realize that the volume of data and analytics required for future success exceeds current processing capabilities. To maximize the potential of machine learning, natural language processing, chatbots, robotic processing automation, and intelligent analytics, new technologies will be required. |
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The future of automation in the banking industry Will advances in robotics, artificial intelligence, and quantum computing make machines so smart and efficient that they can replace humans in many roles today? The answer, if you believe the assertions of many experts, seems like a yes. |
| Insurance | |
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Robotic process automation and cognitive technologies in insurance Pilot programs exploring RPA in insurance are showing positive results and benefits that go far beyond efficiency gains: The potential for robotic and cognitive automation across the insurance value chain is significant. |
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How can automation in underwriting help insurers streamline policy creation and servicing, minimize manual errors, and reduce time to market? By embracing digital technologies, underwriters can offload administrative tasks and focus on strategic, complex risks where expert advice is needed. Watch this two-minute video. |
| M&A | |
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Benefits of robotic process automation and cognitive intelligence in M&A Take a closer look at use cases for how next-generation tools like RPA and cognitive intelligence are increasing the efficiency of banking data conversions and accelerating the M&A lifecycle. Read our eight-minute article. |
View our robotics and cognitive automation playlist
Get a glimpse of each of the video topics: 1. Cognitive Payments Solution 2. Cognitive billing and reconciliation solution; 3. Stopping revenue leaks through natural language processing; 4. Synergy between human and machine; and 5. Insurer of the future.
Events and webinars
| Upcoming: | |
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AI and automation in financial services: What does the future hold? September 25 | 11 a.m. ET Advances in artificial intelligence (AI) and automation will soon affect nearly every function of the financial system. Where will the impacts be felt most, and what ripple effects could they have? Learn about the implications of AI and automation in financial services, how impacts could vary across industry segments, and how the impacts of emerging technologies are likely to be important for markets and society as a whole. |
| On-demand: | |
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Automation-driven transformation: Driving business value at scale The adoption of robotic, cognitive, and AI tools within financial institutions is increasing exponentially, with a view to driving efficiencies and improving customer value. Why, then, is automation failing to yield all the anticipated benefits in a significant number of banks? |
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Robotics and cognitive technologies: More finance transformation ahead Fast enough to be practical and cost-effective, smart machines are now on the rise virtually everywhere. What does this mean for CFOs and their finance organizations? |
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A practical approach to testing automation In today's digital environment, the integration of automation to support and complement an organization's testing programs can be a continuous struggle. How should organizations approach this challenge in a meaningful and practical way? |
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