Automation Will Take Over More Financial Services
All sectors agreed that 2022 would be marked by disruption. Financial firms had been working hard to improve customer experience and compete with digital-only entrants. Their digital transformation plans were only accelerated by the pandemic, which forced them to rethink where and how financial transactions are conducted.
What will be the main theme of financial services in 2022? Remote work and virtual business transactions will be here for the long term. Financial firms used advances in artificial intelligence and automation to reinvent organizational workflows last year.
This trend is expected to continue. We expect firms to scale up and automate their operations more widely, taking advantage of the key developments on the horizon. These are six ways that we believe intelligent automation can transform financial institutions in the next few months.
1. From individual processes to financial workflow
Nothing kills employee motivation quicker than monotonous, copy-and-paste data entry. This task is now a thing of the past thanks to Robotic Process Automation (RPA). RPA was a huge success in 2022.
RPA made routine and mundane tasks easy to automate. But where does RPA take us? It all comes down to workflow. The new normal is accelerating the call for digital transformation–creating streamlined, frictionless experiences that delight customers and employees.
To do this, financial companies increasingly are bridging their RPA expertise to higher-value initiatives–business workflow transformation. The 2022 goal for savvy financial companies is to harness their RPA automation skills and combine them with complementary technologies such as process orchestration or document intelligence to automate mission-critical business workflows.
2. The Perfect Colleagues are Digital Workers
Although people work faster, harder, and more efficiently than ever, this is still not enough for the highly competitive financial services market. It’s becoming more difficult for traditional financial institutions to compete with digitally-focused entrants that aren’t hampered by legacy systems or manual intensive processes.
The bots are long feared to be the replacement for human workers. Digital workers will be seen as the future of work-life balance in 2022. As the human productivity capacity of humans reaches its limits, digital workers will increasingly be offered support through the digital workforce.
This will increase productivity and relieve employees from the monotonous, repetitive work that keeps them at the office until late at night or on weekends. The ability to harness digital capacity on a large scale will enable you to achieve a competitive advantage in 2022. Digital capability is the new differentiation.
3. Automating high-value workflows is a priority.
Financial firms’ intellectual property is their workflows. This DNA encodes how they do things better, faster, more efficiently, and cheaper. Not all workflows are the same. Financial companies will have to prioritize automation that is most valuable and the most efficient in 2022. These workflows have the following characteristics:
Document Intelligence – Workflows that apply cognitive capture and artificial intelligence for unstructured data to automate, extract and unlock data insights
Process Orchestration – Workflows that involve the orchestration of digital workflows with users, systems, and data
Connected System: Workflows that involve multiple business systems (enterprise apps, legacy systems, mobile, chatbots, and many more)–across both internal and external business processes
4. Citizen Developers are the drivers of digital transformation
Business-line leaders have more power to direct automation efforts to achieve specific business goals. It was the main driver of automation initiatives in the past. In 2022, business-line leaders will become ‘citizen developers’ and partner with IT in a federated model, harnessing intelligent automation to transform information-intensive financial workflows.
Automations inspired by citizen developers working with IT have helped many organizations, both within and outside the financial sector, excel in the new normal. This model increases agility, reduces technical debt, and speeds up time-to-value. This model is ideal for financial firms looking to accelerate digital transformation efforts.
5. The Workforce is transformed by virtual collaboration tools and automation platforms
Remote work during the pandemic is a new way to work for financial services workers. Many customers and employees will still be able to work remotely even after the pandemic subsides. Digital transformation is now seen as a key tool for improving employee productivity and customer experiences.
Organizations that master the digital landscape from collaboration tools (Zoom and MS Teams) to customer experience management thrive. Automation tools (intelligent automation, financial process automation, enterprise output management) are all thriving.
Financial companies that remain in traditional business models will continue to fall behind. This trend will accelerate in 2022, and it will continue even after new offices are opened. Digital workflow transformation is here for the long term.