With regulation already costing the US finance industry more than $36bn a year, and around £1bn in the UK market, some institutions think regulators may be causing more issues than they solve. More than half of banking leaders think that regulations are hard to keep up with and the industry needs to look for solutions.
We’re going to look at how Intelligent Automation for Financial Services and Insurance organizations can help you overcome these challenges to provide some inspiration for your own automation project.
Organizations try to accommodate for cross border regulations and cover the whole organization for more stringent issues, bringing challenges such as:
How can Intelligent Automation help you overcome these challenges?
Intelligent Automation can provide Financial Services and Insurance organizations with a real foundation for actual change. This isn’t just a band aid to make a single process more efficient or automate siloed tasks. By deploying a blended digital and human workforce you have the ability to transform the way the business is resourced and change the game.
Taking hold of all the data
By deploying digital workers alongside your compliance team to handle data, your team can be assured that the data is compliant, and all actions are fully auditable. On top of this, digital workers can start to bring together your data into workflows that fit demand, providing you with both the big picture and the granular detail for when the auditors come knocking, with processes such as:
- Enhancing Regulatory Reporting
- Data Cleansing
- Data Reconciliation
While compliance interpretations are in part down to relationships between institutions, once understood, Intelligent Automation only needs to be taught once, or can even be set to keep up with regulations as they change, so that what is produced is in keeping with regulations such as MID II and PRIIPs. Digital workers can provide:
- Development of Reporting Processes
- Audit Assistance
As digital workers can access any application, they can modernize the front-end user experience and operate the back end legacy systems at machine speeds, performing processes which help you to achieve:
- System Integration
- Modernization of Legacy Systems
Understanding how digital labor can help alleviate these problems and augment workers and specific tasks – for instance, the typical running costs for Know Your Customer (KYC) are significant and can run into millions when combined with Customer Due Diligence (CDD). These processes are usually manual and repetitive processes; an ideal situation for digital workers:
- Know your customer (KYC)
- Resource Augmentation
As Financial Services and Insurance organizations delve into new markets and regulations evolve, the way in which they stay compliant is changing. Business leaders need to prepare for future developments — planning for long term modernization, data integrations, resourcing and anticipating new regulation rules. Now is the time to explore the use of digital labor with your human employees for a blended workforce, which is more efficient and productive and helps your business to achieve more. In doing so, you can gain the business edge over your competition while meeting compliance obligations — without breaking the bank.
For more details around the use cases for Intelligent Automation to support regulation compliance, download How to meet regulation requirements in financial services & insurance with intelligent automation.