It is continually becoming clear that Intelligent Automation is permeating every industry, banking, financial services, and insurance [BFSI] is no exception. Using RPA, machine learning, and artificial intelligence to streamline processes may save organizations time and money, but change seldom comes without challenge. Capgemini’s ‘Growth in the Machine: how financial services can move intelligent automation from a cost play to a growth strategy’ report makes a solid effort to better understand how and why BFSI companies automate.
Capgemini surveyed 1500 senior executives that implemented automation solutions in their retail banking, financial services, capital markets, and insurance organizations.The study examines where IA can create opportunity beyond cost savings and productivity improvement. Below are what senior executives perceive as top inhibitors and challenges, and where there is the most room for growth in implementing IA processes:
Budget: By automating manual processes, intelligent automation eliminates extraneous jobs and presents huge cost savings. Still, IA is more than just about leaning out the workforce. Speeding up processes allows organizations to launch their products and services to market faster, yielding improved customer experiences.
Revenue Growth: Faster time to market, improved cross-selling efforts, more targeted new customer groups, competitive advantages over peers, higher customer loyalty, and increased business due to longer operating hours all contribute to revenue growth.
Customer Satisfaction: Intelligent Automation has also been instrumental for improving customer satisfaction. Targeted email tools, personalized automated communication, self-service accounts based on personal URLs, personalized websites offering up-sell and cross-sell opportunities, and timely responses during customers’ life cycles all boosted customer satisfaction rates.
What are some of the challenges of Implementing new IA processes?
According to Capgemini’s research there are two main factors impeding BFSI organizations’ ability to advance:
- Not enough focus on high-impact use cases
- Navigating Business, Technology, and People Challenges
We asked Tim Johnson, Head of Insurance Operations Delivery at Suncorp Australia about his IA journey. Here is what he had to say about the challenges that they faced during the implementation process and what the future of IA at Suncorp looks like.
What kind of IA has been applied at the Suncorp?
“We have done buckets of stuff, we have implemented basic RPA, intelligent automation, invoice structuring and payment processing. Augmented decision making systems like language processing. There is a pretty broad spectrum of automations that we implemented recently.”
What was the biggest challenge you faced in implementation?
“The biggest challenge we faced was really getting people to understand both the opportunity and limitations of technology. Recognising opportunities was the hardest part. Getting the team up to speed was the biggest challenge. 18 months ago we had to stand the team up and get them to understand what the opportunity was and then it was just about prioritization and an execution strategy.”
What are the key priorities going forward?
The key priority for suncorp right now is to increase the speed of execution for each system in place. Democratising automations would be the next priority, starting to draw on more business people to be involved in the automation process so that we can do it faster rather than just having the big staff.
Any words of wisdom for businesses getting started in IA?
“Do a proof of concept and start one process at a time, don’t just follow the grand plan.”
“A lot of people will say, ok we are going to automate an entire business value chain and they bog down on where to start. Instead they could jot down the next steps with, ok this process comes 1st and then the next and so on, then come to a concrete decision on the step by step process.This way you can get better experiences and a bit of value faster and you don’t end up choking on a sizable thing.”
Tim Johnson is going to be presenting his case study on “How automation & AI will deliver better customer experiences, increase revenue & allow service to scale” at the Intelligent Automation Conference on the 26th and 27th of March 2019 in Sydney. Reserve your spot now to learn from Industry leader SunCorp Australia on what automation processes could work for you and how to tackle the challenges of implementation.
**Bring your cross-functional team for $5999! Find out more