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Automation 101 for the Banking and Financial Services Industry

The word “automation” is thrown around a lot these days. In different sectors, it means very different things. But in the world of banking and financial services, the meaning is clear – automation is a growing wave of innovation meant to increase the efficiency of operations and technology.

It can even provide new revenue streams, as we’ve seen with robo-advisors, which independently perform many of the activities traditionally performed by wealth managers, giving algorithm-rooted wealth and asset management advice.

Another area to consider is Free Movements in the Financial Services industry. When an investment account, be it retirement or otherwise, is moved from one financial advisor to another, there are many manual processes embedded in the overall process, wasting countless resources on data entry and creating delays in the completion of the transaction. Finding a way to automate the process and create the means for systems to talk to each other directly would enable a better customer experience and save operational costs.

Ultimately, automation provides fast, accurate, cost-effective, and round-the-clock services that result in operational excellence and improved customer satisfaction.

In your leadership role in the financial services industry, automation gives you the opportunity to raise your team’s engagement within your organization, improving the level and quality of work. Let’s take a closer look at best practices for organizing, optimizing and deploying your automation strategy.

No Matter the Innovation, Organization is Critical

Perhaps the most overlooked aspect of switching to automation is the fact that organization is critical. Rather than automating for automation’s sake, organizing the path from which automation is introduced will ensure maximum leverage by taking the opportunity to reevaluate the process. Here’s how:

  • Development: Development with the end results in mind is key to maintaining organization throughout the automation process. Working from a model-driven Development Framework and implementing effective model-based testing provides the foundation for automation. Our key phrase here is “follow the code.”

  • Operations: How might your business processes be impacted with greater automation? What can automation do that will give your key people time to focus on more important processes? “Follow the transaction.”

  • Data: Automated data collection and aggregation can have tremendous organizational benefits, as can automated data conversion and migration. Learn to automate data in a structured way to maximize impact. “Follow the data.”

  • Infrastructure: Manage the performance of the new applications, monitor the results, and configure the automation with continued evaluation. “Monitor the lights.”

Optimizing Your Automation Strategy

In your leadership role within financial services, you need a top-down approach when you optimize your automation strategy. There are three essential levers here – people, process, and technology.

First, figure out what your optimal process should be. Second, find out where the automation can be added for greater throughput and efficiency. Finally, look where you can add people to facilitate the automation process. Ideally, the process should be optimized so that people are performing exception processing only.

Deploying Automation with the Proper Framework

The best way to leverage automation is to take a holistic viewpoint of development, operations, data, and infrastructure. Take a top-down approach to maximize the impact of process re-engineering. Determine what minutiae automation can handle to create a higher order work plan for your colleagues.


Learn more about the compelling benefits RPA offers the banking and financial services industry, including:

  • Cost Savings

  • Accuracy and Compliance

  • Productivity

  • Scalability

  • Transformation

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