Hear from Wade Barnes, Financial Services Practice Lead, on how robotics process automation can enhance business productivity and efficiency.
Hi, I’m Wade Barnes, Financial Services Practice Lead with Hartman Advisors.
As one of the oldest professions in modern times, financial services companies are burdened by legacy applications that do not communicate efficiently between one another. While Fintechs have solved many technological voids in the industry, many of these platforms don’t integrate with the core.
According to industry standards, it takes approximately 13 steps to change an address. While these steps are occurring, how does this impact customer experience? If a customer leaves a branch after changing their address and goes directly across the street to get gas, and enters a zip code they just updated, is the transaction denied?
Even if there isn’t customer impact, these steps are often manual, laborious, prone to human error, and are overall, inefficient. Most organizations report that over 80 percent of their processes are not fully automated, which accounts for a significant portion of back-office staff.
To get started identifying your organization’s state of automation, have each department identify all routine processes and rate them as being either fully automated, partially automated, or manual. Next, indicate the amount of human effort required to complete the non-automated processes as high, medium, or low. Prioritize the processes that are partially automated, with high level of human effort as a starting place.
Oftentimes, processes are stuck in this category, because integrating two disparate systems is either not possible, or is cost-prohibitive — requiring human intervention. A simple solution to this problem is to leverage robotics process automation, known as RPA. RPA can learn the tasks that a human performs between multiple systems and can automate this on a repetitive basis.
The Hartman Team works with many organizations to integrate systems, or to drive process automation to enhance organizational efficiency. If this is a priority for your organization, we’d love an opportunity to discuss how we can help you navigate this journey. Reach out to us!
We look forward to customizing a right-sized approach to enhance efficiency for you and your team.