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Rise of the robots – KPMG Report

Article Synopsis :

Investment banks, exchanges, clearing organizations and others are recognizing the power of technology to transform their business. Accordingly, many have begun incorporating highly-automated IT- and AI-driven process innovations into their operations.

 The Digital Insurer reviews KPMG’s Report on Rise of the robots

Firms at the upper limits of outsourcing are turning to RPA for next-gen capabilities and cost savings

“Rise of the robots”, from KPMG asserts efficiency and speed gained through Robotic Process Automation (RPA) can cut costs for financial services firms by up to 75%. A bold take indeed, but the paper backs it up with the known benefits of robots, AI, and cognitive automation, including the ability to digest and analyse huge amounts of data, and change nimbly (more nimbly than humans in some cases) in dynamic conditions. The paper presents nine factors insurance and financial services CxOs should consider in implementing RPA strategy (outlined below).

Financial services firms increasingly recognise the limits of outsourcing to reduce cost and increase organizational agility. RPA is being embraced as the next generation solution for handling certain tasks, mainly back-office, toward cost and digital transformation.

Success in today’s complex business environment requires speed, unflinching accuracy, and cost efficiency beyond what existing human workforces can typically achieve. Enter RPA and AI-driven cognitive bots as legitimate options to run day-to-day business operations. Specifically, RPA and AI enabled bots can help firms:

  • Improve accuracy as a result of reduced human error
  • Improve quality as human workers increasingly focus on higher-value tasks and exceptions
  • Improve speed of operations
  • Apply data analytics to evaluate “big data”
  • Connect the dots in analysing global trading, accounting, controls, and risk management in real time

Per KPMG, in the current scenario where digitisation is transforming entire markets and industries, ignoring RPA is a dangerous option. To help guide organisations in their RPA implementation journey, KPMG offers nine factors to consider in staking out an action plan:

  1. Where would RPA work best?
  2. How is the quality and accuracy of the data you’re currently receiving? Have you measured error rates?
  3. What is the current status of your existing technology systems?
  4. Are you facing escalating cyber threats to your operations and the security of your account information?
  5. How much market-share erosion have you experienced as a result of new entrants and increased competition from traditional competitors? How are you reacting to it?
  6. What are your customers demanding in terms of service, speed, and mobility? Are you keeping up?
  7. Are macroeconomic issues and geopolitical developments, including new and increased regulation, impacting your business?
  8. What is your talent acquisition strategy to meet the new technology needs?
  9. What is your strategy for communicating your plan to transition to RPA and AI innovations?

Though RPA offers immense potential, many financial services firms have done little or nothing to integrate RPA into their existing business processes. But this is changing quickly, as RPA technology improves and the benefits becomes too appealing to ignore.

Link to Full Article:: click here

Digital Insurer's Comments

In a case study cited in this article, Australia and New Zealand Banking Group (ANZ) deployed RPA in finance, payments, HR and mortgage processing to reduce human headcount from 40 to 2 in the payments area alone. RPA’s potential to improve quality of service, reduce cost, and enhance operational flexibility is very real – and getting better every day.

We recommend an incremental implementation approach to RPA  targeting important – but small – business functions where the risk of error or even failure is tolerable. Don’t let the limitations of legacy systems, the lack of documented processes, and/or cultural resistance prevent you from experimenting with RPA. The potential upside is too massive to ignore.

Link to Source:: click here



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