There has been a LOT of hype around the impact of robotics software on financial services, and indeed on all service industries, but there is still a lack of clarity around what this genre of software can do.
What is robotics software? Robotics software, ranging from Robotic Process Automation (RPA) to emerging cognitive tools, can be ‘trained’ (coded) to follow electronic enabled procedures, interacting with multiple applications and data sources within a Bank or Insurer via the same means as employees and colleagues. Both – colleagues and robotics software – work together, as an integrated workforce, to deliver key processes and services for both internal and external customers, whether completing a trade, paying a claim, or reporting information to the regulator, to name but a few examples.
So what CAN robotics software do? At Deloitte, we have deployed RPA software, at scale (to the equivalent of the manual effort of 100s of people), within clients’ organisations, and within our own internal support processes, and are advising on the application of emerging cognitive tools, all through the lens of the customer and the relevant business. Through this, our UK leader of Lean Robotics, John Middlemiss has assimilated that there are 7 Robotic Skills (groups of common skills) that can drive the automation of what traditionally has relied upon human skills and manual effort alone:
The majority of these ‘skills’ are delivered extensively by RPA but cognitive tools provide important additions, such as the ‘skill’ to learn, and increasingly an intelligent and interactive ability to communicate. Critically, these ‘skills’ can be utilised consistently, 24/7, without the constraints of human error, operating at great speeds, all providing great opportunities for a differentiated customer experience, within an attractive expense ratio, allowing the Robotic and Cognitive Bank/Insurer to make a difference!
At Deloitte, using our deep industry and operational insight, coupled with applied and advanced knowledge of robotic and cognitive tools, we help clients identify which of the 7 Robotic Skills can be delivered by which tools, and to what extent, all to get the optimal level of automation that fits and enhances their customer and client proposition(s). In other words, we can help you figure out what robotics mean for you, how far you can and should go with it, as well as helping you to get there, at the right pace – we do not just disrupt and shape, we deliver.
In South Africa, we have seen that all of the major Financial Services players are either considering introducing RPA in the near term, or have been successfully implementing robotics over the past twelve months. Those that have progressed to implementation have done it as part of their long term structural cost reduction initiatives, or more specifically within the area of customer related processes to enhance the customer experience.
Read more about The 7 Robotic Skills driving the rise of the Robotic, Cognitive Bank and Insurer and what robotics mean for you.
Associate Director: BPaaS FSI Industry
Associate Director: RPA