Christopher O’Driscoll, PA’s financial services expert, is quoted in an article in April’s edition of Financier Worldwide magazine which explores the impact of automation on financial services.
The article notes that many financial services companies are exploring how automation can help increase revenues and streamline structures.
It goes on to explore the potential benefits of the industry. Christopher says: “Intelligent automation has truly landed in FS, with the aim of reducing costs, simplifying processes and improving performance.”
He also goes on to note that: “Specific trends and developments in robotic process automation, cognitive computing and Internet of Things (IoT) are being seen across banks, insurers and asset managers. These include machine learning being applied to credit risk processes, robo-advisers delivering investment advice and natural language processing being used for tasks such as speech recognition for account access. These trends will continue as automation is increasingly applied to an even wider variety of tasks.”
The article also explores whether automation will be a tool for the future, helping to make tasks more predictable and easier to control, thus eliminating human error. Christopher comments: “With the market becoming more competitive, FS companies are recognising the need to differentiate themselves.”
In light of this, Christopher adds: “Automation can help with this, enabling FS providers to carry out processes faster so that new products and services can be brought to market quicker than the competition. From the robo-adviser to the automated back office, FS will continue to be a leader in the digital development, and an early adopter of RPA, cognitive technologies and AI. As the combination of high transaction volumes, level of customer service and regulation becomes ever more costly, automation will be increasingly applied.”