If we look at the latest trends and studies in Banking it simplistically boils down to managing -
Post crisis era also demands better transparency, credit and risk management from regulators and at the same time customers have been demanding faster processing times, data security etc. which has been prompting C level executives to have a simplified approach. So taking a holistic, ongoing, enterprise-wide approach is important than starting off directly with automation technologies.
At 10XDS we help our clients with functional skills in banking and digital expertise in RPA, Analytics and Cognitive technologies to ride the wave. We bring in a mature transformative approach to organisations which is between 'jumping off the cliff' and 'waiting for clarity'.
Any automation technology is only capable of automating a process as it is, which means there is a good chance that all existing inefficiencies, inconsistencies and duplications in the process will be repeated by RPA,limiting its potential benefits.
As part of its approach, 10XDS assessesredesigns and standardizes processes to improve effectiveness. In some cases, the critical path ofa processmay need to be reassessed.
RPA changes the way we think about process management and execution in new transformative and simplistic ways. It is a solution that runs unattended by people working like a virtual employee and sits on top of legacy applications performing repetitive tasks.
Some of the challenges faced by insurance sector include heavily routine and manual activities like -