Robotic Process Automation (RPA), Cognitive computing , Artificial and business Intelligence are the seamless candidates for the insurance, wealth management and finance institutions business process automation. As they have an enormous opportunities to reduce the repeated manual tasks by the operations and sales teams of these organizations. Automating these tasks will definitely improve the efficiency and efficacy of their business in terms of security, data consistencies, regulatory and audit process and operational elasticity.
Reliable technology is really the key to any NEXT GEN industry’s success. Thought shift is the need of an hour to make it happen. The more automation and reliability the financial institution and bank can bring into the customer experience will define the industry’s success for many years to come. IT department should start thinking in line with minimize the data entry screen and maximize the data captures through contact less sensors and business intelligence. Required data are already available in the space in one or the other forms. The way we are going to collect, consolidate and use it for business improvement matters now.
Success indeed will not be driven just by adding more bells and whistle, rather by balancing functionality with ease of use and thereby clearly communicating features and benefits to the customers. Inline, with this thought, I am happy to pen down some of my ideas in an abstract form here.
Robotics opportunities in Insurance:
Robots shall replace the insurance agents soon. These robots can have an ability to automatically generate the contacts through data mining using business Intelligence with the help of LinkedIn, Facebook and other social media tools, well informed and targeted campaign management through digital media and social networking sites. Just one click to make a well informed decision making data points, on-board them to the policy administration system, administer their policies by frequent reminder and provisioning easy payment system.
Robotics opportunities in Wealth management sectors:
In this segment, robotics can be better used in Advisor/Broker’s segments with the right set of predictive and trend analysis data points in the chart form .Thereby the common crowd can easily understand the risk and help them to mitigate their risk in a well-structured best proven process. May be the robot can bring the right mix of financial alerts, and help with respect the users personalized requirements. It can also aid them to open an account without any hassles. The robot should take care of validating and verifying the KYC of the customer from different source of information. The robotic advisers can access on demand, up-to-date tailored performance summaries for their clients, giving them knowledge they need to make better investment decisions.
Robotics opportunities in banking:
The very real threat posed by Google, Amazon and Apple who both have mobile pay systems presents an additional layer of urgency for fin institutions to accelerate innovations. These two tech giants already have untold amounts of customer data and are experts at manipulating the information to gain a stronger foot hold. May be in near future, there is no surprise these two giants may rewrite the banking operations as such. Also sooner these giants shall introduce the digital currencies with so called bit coins technologies. As these folks owns the trading platform, soon they may train their global users’ behavior to use the digital currencies instead of real currencies.
Experts agree the financial sector is at a crossroads. It is now required to take a look at Robotic Process Automation (RPA) technology and what it wants it to accomplish in the short and long term. The advantage the banks have access to years of data related to sales, products, divisions and branch activities as well as customer opinions which improves leadership’s ability to make informed decision. Using RPA and Business Intelligence, the vast amount of data can be mined, marketed and continually monitor business process and the behaviour of personnel and software applications as part of those process. Not only can robotics be used to identify an anomaly, there by turning human worker into problem solvers, it can also initiate a set of action items to respond to the occurrence.
To a lighter note.. Robotic process automation is going to kill the traditional IT infrastructure and operations services offshoring business models. If you are not going to do it, someone is there to pick it up !