Solutions

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?

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.

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Sample outcomes of robotic process automation

Transformative change

Re-engineer core processes while automating the function.
Flexibility

Rapidly scale up or down depending on the nature of the business issue.
Cost reduction

Significant potential cost reduction opportunity, depending upon characteristics of the selected automation functions.




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.

 

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Get started with our R&CA solutions

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Automated Application Access Management Solution (A3M)

Given current cost pressures and the increase in the potential to automate identity and access management functions, financial institutions are considering an alternative to the often expensive manual processing by leveraging an automated provisioning solution.

This solution can reduce or eliminate highly manual provisioning activities, potentially reducing the total service level agreement (SLA) from days to minutes in some cases, providing significant Application Access Management operational efficiencies. A3M integrates with various AAM platforms, is highly available, and utilizes robust cloud and end-to-end encryption technologies.

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Cognitive Billing and Reconciliation Solution

Banks are faced with the challenge of reviewing hundreds of thousands of invoices and contracts with different terms, rates, formats and languages to identify inconsistencies and perform billing reconciliation. These challenges create an opportunity to automate processes that are labor-intensive, time-consuming, and prone to human error, which can contribute to revenue leakage.

This automated billing reconciliation solution leverages natural language processing to extract information from contract and invoice documents. It compares contracts against invoices based on a defined set of business rules and identifies revenue leakage from the mismatch between contract rates cards and invoices.

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Data License Compliance Solution

Given current cost pressures, some financial institutions are considering alternatives to the often expensive and unstructured management of third party data licensing, by leveraging machine learning and cognitive analytics.

This solution automates the management of third-party data licenses by leveraging natural language processing, cognitive analytics, metadata management and industry subject matter advisors.

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Retirement Rollover Solution

The potential to automate back-office functions has increased significantly, leading to process automation as a high priority for enterprises. These trends create an opportunity for retirement providers to automate processes that assist clients with rollover decisions pertaining to their 401ks.

This automated rollover solution leverages robotic capabilities to calculate client plan fees based on the information from 404(a)(5) Disclosure and Participant Statement.

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CognitiveALERT Solution

Financial institutions are required by law to have systems set in place to detect and prevent criminals from cashing in on illegal activities and transactions. However, as banking customer information continues to grow, it takes more and more human capital resources to monitor transactions for illegal activity. Analysts need to look at different sources and systems to get enough information to identify suspicious activity. Reviewing all of the alerts can turn into long hours of research, as more time is often spent looking at false alarms, than escalating actual cases of fraud.

CognitiveALERT can help improve the AML process by helping organizations father and stage customer information. This smart solution scans multiple systems, helping to extend an organization’s reach on alerts. By automating data collection and staging, analysts can reduce the time they spend on all alerts, enabling for smarter identification of suspicious activity.

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Perspectives

Cross-financial services industry
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  
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.
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.
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  
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.
Insurer of the future
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  
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.

 

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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:  
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:  
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?

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?
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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Get in touch

Sridhar Rajan

Sridhar Rajan

Principal | Deloitte Consulting LLP

Sridhar is a principal with Deloitte Consulting LLP and leader of process automation within the Financial Services practice. He has more than 20 years of experience in the Financial Services industry,... More

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