The Digital Revolution is upon us and the reality is that it will bring change we simply cannot afford to ignore.
Humankind has constantly striven to find new, better ways of living and working. The industrial revolution introduced new ways of working to a society relying on physical labour alone and the results – cheaper goods, improved transportation, safer factories, better working conditions and evolved communications – set the tone for a period of continuous improvement moving forward. Throughout the 19th and 20th Centuries, the pace of change increased; developments in cars, fuels, heating, atomic power, plastics and synthetics have improved countless lives and this drive to constantly enhance and improve has continued.
When the manufacturing industry adopted automation 20 years ago it was seen as truly revolutionary, bringing new, more efficient ways of working. Doomsayers warned of jobs being lost but in fact, quality increased and competition flourished. Outsourcing was another big change but each time the market quickly adapted, leading to a service oriented industry that has since generated millions of brand new jobs. It’s a fact that what was once seen as truly innovative is soon seen as commonplace and ‘business as usual’.
Today, the seismic change is Digital. It’s remarkable to consider that it’s only 10 years since the smart phone was invented – but since then, Facebook, Twitter, Instagram and Linked in have emerged and Amazon, Uber, mobile banking and even online gaming have become daily realities of life. The whole way we live, work and socialise is undergoing truly transformational change and the pace of that change is most definitely speeding up rather than slowing down. The reassuring element however is that each time change comes, the new way doesn’t dominate – instead it augments and enhances the previous approach, introducing totally new ways of thinking.
So what’s the next big ‘game changer’? Robotic Process Automation (RPA) is the ‘new’ hot topic of the Digital era, offering huge advantages to business and society alike. For business leaders – RPA delivers a more efficient, streamlined and cost effective business operation; for individuals – it offers the opportunity for more interesting, fulfilling and less repetitive jobs. RPA empowers business leaders to automate manual tasks and simple ‘rules based’ activities freeing up staff to undertake more interesting and challenging activities – a true win-win!
Curiously, despite the rise of digitally enabled and automated application processes, many organisational activities in banks and investment companies today are still manually driven. For example, across the Credit Risk lifecycle, manual data entry and manual data processing remains surprisingly prevalent at certain stages of the decisioning process. In addition, for many Retail and almost all wholesale credit applications, decisions are manually underwritten. Using RPA, a virtual workforce can augment processes undertaken across the Credit Risk lifecycle to deliver increased quality, improved accuracy and greater consistency 24/7 – reducing the risk of non-compliance and delivering a more responsive customer experience.
So don’t fear the digital revolution, now is the time to jump on board and embrace it.
Authored by Miles Elliott