Financial institutions face many roadblocks, both external and internal, when it comes to automation adoption according to a recent Cognizant study. From security issues (91 percent of respondents identified this as a “high” or “medium” challenge) and development (91 percent), to servcie production line cooperation (84 percent) and ongoing maintenance (89 percent), it is no wonder that the study has found that 65 percent of automation efforts remain in the proof-of-concept stage.
To help jumpstart a FI’s automation effort, Sriniketh Chakravarthi, head of the North American banking and financial services business at Cognizant, suggests three steps to move forward with automation efforts past the proof-of-concept stage:
- Create winning partnerships. Secure support for automation from both executive and operational leadership, making it possible to identify top candidates for automation, create an organizational change management plan and scale the technologies across the enterprise. Next, appoint an automation champion. The champion can help provide enterpriese-wide visibility, credibility and funding. This person can also situate evangelists throughout the various business units to identify critical on-ground challenges and opportunities.
- Think big, scale fast. To get the most from automation, FIs need to look beyond proof-of-concept tactics and identify specific opportunities in line with larger business goals. This approach requires an understanding of both employee-level processes and where automation fits in with the FI’s longer-term evolution. Reconsider business processes from the perspective of customers and employees rather than from an IT view. This can help increase the efficiency of human-process interactions and enhance the user experience. If a process is broken or inefficient, think about how to improve or align it with larger business objectives before moving forward with automation.
- Chart the part forward. Using the knowledge gained from the previous step, draw up a blueprint portraying what day-to-day operations will look like automation is in place and the process transformation is complete. Include plans for what will happen to the existing workforce and organization, including potential skill gaps left by automation. Keep in mind tha twhen a bot goes into production, the surrounding systems will feel it.
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