An increasing number of our wealth management clients are looking to use Robotic Process Automation (RPA) throughout their operations. For more on the basics of RPA, see our recent blog entry.
As RPA is generally applied to handle repetitive, rules-based tasks, clients primarily think of back-office tasks for automating—from regulatory compliance to payment records. Many of our clients using RPA are seeing great returns, reduced transaction times (sometimes up to 70-80 percent) and savings that could be reinvested for growth. A recent Everest Group report shows many firms recoup their RPA investment within six to nine months.
Naturally then, some clients are now interested in how RPA could be applied for similar results in the front office. While I cannot lay out in detail all of the considerations for the front office in one short blog, I do want to mention some of the criteria that indicate you could have a front-office process ripe for RPA.
To identify the top opportunities, we look for processes with the following characteristics:
- Highly manual
- High volume
- Rules based with no human judgement necessary
- Low exception volume
- Initiated by a digital trigger and supported by digital data
- Originating from at least two different systems or applications
- Fairly static with infrequent changes in process/steps/rules
- High likelihood of human error
Generally, when clients use this lens to identify front-office opportunities, the RPA opportunities in supporting the client onboarding process become immediately apparent. From Know Your Customer due diligence to fee management and account maintenance, RPA is already helping some financial firms to save costs and improve processing times, accuracy, etc.
I’d be happy to discuss the ins and outs of RPA across the complete spectrum of your wealth management operation. Accenture is currently rated as the #1 RPA service integration partner by HfS Research, noted for our holistic automation strategy.
Email me, Mike Marsiglio, if you’d like to have a more in-depth conversation.