LatentBridge Limited, a global intelligent automation firm and ISITC, the renowned Securities Industry Standards Group partnered to discuss how intelligent automation can be leveraged to build business resilience, particularly in current times.
Below are some of the key takeaways:
“The genie is not going back in the bottle”
The panellists don’t see things going back to the way it was pre-covid. The pandemic has brought forward Digital-First mindset and ingrained the importance of ‘Digital in mind’. It has demonstrated that there exists a different way to do work and connect with clients in a different way. Working from home, online meetings and remote operations are expected to be the NextNormal with many firms seeing productivity increase multi-fold. Companies that don’t digitalise now could be left behind.
Accelerated technology adoption replacing skepticism
The COVID-19 crisis has provided businesses with an opportunity to transform much quicker than ever before. While most companies had a digital agenda, technology implementations that usually took 3-6 months are now being accelerated and completed in 3-6 weeks. Overcoming initial fear and skepticism in the adoption of technology, successful businesses have leaned on the experience of older generation to build new-age processes.
Time to realign, re-evaluate re-emphasize the digital strategy
Embracing digitalisation addresses multiple challenges. Hyperscaling with cloud provides flexibility to manage human-robot workforce based on business needs. Data analytics creates an opportunity to glean deeper client insights and support regulatory compliance while allowing businesses to remain efficient and nimble.
Data is the key energy source behind the digital journey.
Necessity is the mother of all invention and it is a necessity to change – to go digital. Technology is just 10% of this change. Heavy lifting is driving change with people, process and data to bring in integrated automation. Good quality data leads to deeper client insights.
Digitalisation with intelligent automation is here to stay. It is not a quick-fix for the pandemic. Collateral management and trade reconciliation for capital markets firms, AI-assisted advice and servicing for wealth management enterprises, and fully automated data extraction under digital onboarding for global markets and investment management firms are just some instances where Intelligent Automation has been leveraged.
If you missed the webinar, you can watch its recording here.