Welcome to the age of robotics. From the simple automation tools to complex machines able to learn as they go, robotics are making headline news in financial services. Many industry observers share the view that robotics’ growing capabilities will trigger a fundamental shift in operating models in banks. In an Accenture study surveying more than 240 leading banks, we found that more than three-fourths believe that the new workforce will be comprised of employees as well as intelligent machines, and collaboration between the two will be critical and training essential.1
Where we see actual daily usage in finance and risk functions in the simpler range of robotics in process automation. In the space of a year, robotic process automation (RPA) in financial services has evolved from theory to practical application. A few months ago, we began work with a few innovative banks to help design RPA single “proof of concept” projects; now we are deploying many additional RPA initiatives across their organizations. This rapid shift from robotics as a concept to reality began with how quickly the innovative technology has demonstrated its ability to automate often tedious back-office functions. The wave of RPA has now reached Finance and Risk departments where many Accenture clients are now looking to embrace increasingly complex RPA tasks as they embark on their robotics journeys.
View the full presentation on Innovations in Finance and Risk – Robotic Process Automation.
Why Adoption Now?
This fast pace of adoption is due in part to the benefits of robotic process automation for banks, with increases in accuracy, time efficiency and cost management. One of our banking clients has automated a relatively simple task of invoice processing and realized a 70% increase in productivity, with 100% accuracy, and project breakeven time horizon of just three months.
To understand why and how RPA could bring a new way to increase efficiencies in Finance and Risk, in future posts we will discuss our perspectives on:
- What are the potential benefits of robotic process automation for banks’ finance and risk functions?
- What are the key criteria for an effective robotic process automation implementation?
For more information on this topic, see our full presentation on Innovations in Finance and Risk – Robotic Process Automation.
In addition to our three part series, please check Accenture’s Robotic Process Automation page. Accenture Technology Vision for Banking 2015. Access at: https://www.accenture.com/us-en/~/media/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_15/Accenture-Banking-Tech-Vision.pdf