By John Middlemiss, Robotics Lead for UK Financial Services practice, Deloitte
There has been a LOT of hype around the impact of robotics software on financial services, and indeed on all service industries, but there is still a lack of clarity around what this genre of software can do. I often hear: “Let’s have a go and see what happens…” but is there a way to deploy this software more effectively?
What is robotics software? Robotics software, ranging from Robotic Process Automation (RPA) to emerging cognitive tools, can be ‘trained’ (coded) to follow electronic enabled procedures, interacting with multiple applications and data sources within a Bank or Insurer via the same means as employees and colleagues. Both – colleagues and robotics software – work together, as an integrated workforce, to deliver key processes and services for both internal and external customers, whether completing a trade, paying a claim, or reporting information to the regulator, to name but a few examples.
So what CAN robotics software do? At Deloitte, we have deployed RPA software, at scale (to the equivalent of the manual effort of 100s of people), within clients’ organisations, and within our own internal support processes, and are advising on the application of emerging cognitive tools, all through the lens of the customer and the relevant business. Through this, I have assimilated that there are 7 Robotic Skills (groups of common skills) that can drive the automation of what traditionally has relied upon human skills and manual effort alone:
The majority of these ‘skills’ are delivered extensively by RPA but cognitive tools provide important additions, such as the ‘skill’ to learn, and increasingly an intelligent and interactive ability to communicate. Critically, these ‘skills’ can be utilised consistently, 24/7, without the constraints of human error, operating at great speeds, all providing great opportunities for a differentiated customer experience, within an attractive expense ratio, allowing the Robotic and Cognitive Bank/ Insurer to make a difference!
At Deloitte, using our deep industry and operational insight, coupled with applied and advanced knowledge of robotic and cognitive tools, we help clients identify which of the 7 Robotic Skills can be delivered by which tools, and to what extent, all to get the optimal level of automation that fits and enhances their customer and client proposition(s). In other words, we can help you figure out what robotics mean for you, how far you can and should go with it, as well as helping you to get there, at the right pace – we do not just disrupt and shape, we deliver.
I would really welcome you getting in touch if you would like to discuss and debate this topic and share practical experiences.
Let me know which of the 7 Robotic Skills are most relevant to you and how would you like to see them evolve!