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. I often hear: "Let's
have a go and see what happens..." but is there a way to
deploy this software more effectively?
What is robotics software? Robotics software,
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, I have
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
I would really welcome you getting in touch if you would like to
discuss and debate this topic and share practical experiences.
Let me know which of the 7 Robotic Skills are most
relevant to you and how would you like to see them
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Deloitte is once again partnering with the Global FinTech Hubs Federation, an initiative founded by Innovate Finance and SWIFT Innotribe, to publish a special interim review for the 2017 Innovate Finance Global Summit.
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