RPA in financial services isn’t diminishing human value, it’s empowering it!

Robotic Process Automation (RPA) is a hot commodity in today’s financial services enterprises and across many business units from finance and HR to IT and marketing. It accelerates performance by automating routine (and often mind-numbingly boring) work formerly done by humans. Its impact is transformational, disruptive and enables real business value.

What is RPA and how can it be harnessed in the financial services sector?

Robotic Process Automation (RPA) is the technology that allows anyone today to configure computer software, or a “robot” to emulate and integrate the actions of a human interacting within digital systems to execute a business process. RPA robots utilise the user interface to capture data and manipulate applications just like humans do. The financial services sector requires a huge amount of daily task management that could be easily re-organised and streamlined by adopting RPA technology. Repeatable tasks are costly for the sector so when RPA offers a solution, then initiating it should be made a priority.

Empowering Staff

Taking staff away from repetitive tasks and ones that are dull or tedious can allow them to capitalise on their new free time by offering customers a better and more personalised experience. Mundane tasks don’t have to be run by a team of humans – the best-case scenario is a collaboration between robot & human i.e. the Robot is the human’s assistant. Ultimately, a business is not degrading or removing the importance of the human element of a job – instead they are powering their staff up, to work on vital roles in the organisations, facilitating career development, long term staff retention and an ultimately happier workforce.

Business benefits of RPA

The financial services sector is consistently faced with compliance, regulation and auditing challenges making RPA an ideal solution to deliver 100% accuracy to internal processes within these organisations. RPA technology can deliver a whole range of benefits

  • Better – more efficient processing with lower error rates
  • Cheaper – lower cost processing
  • Faster – faster throughput delivering quicker responses to customers and increasing customer satisfaction

Insurers and Banks work with many highly data intensive processes, where data is often held on individual legacy systems and must be moved around for processing purposes. This can mean that the data needs to be transferred or copied from one system to another. Financial Service providers also frequently need to take in data from their customers, carry out assessment on that data and make judgements based on the information provided. Examples include bank loan administration, checking of customer data for the purposes of KYC, claims administration, the adding of beneficiaries to insurance policies, accounts payable, reconciliations from investor trading systems to accounting systems, and the annual renewal of insurance products. These are just some examples of processes that can run more efficiently using RPA, quickly delivering benefits to both the business and its customers.

Furthermore, the financial services sector is a model environment for realising transformational RPA solutions. RPA is here, it’s evolving into many organisations and it’s here to help with some impressive business benefits:

  • 4x Faster than a Human Worker
  • Lower Cost Processing
  • Lower Error Rates

Improve Audit Capability & Protect the Business from Regulatory Burdens


The financial services sector must adhere to strict guidelines to avoid regulation breaches and other issues that could potentially damage reputation and lose business. That’s where RPA comes into its own as it automates systems with such a significant level of accuracy, that compliance is guaranteed. It leaves a trail so tracking is easier, and measurement is available while it can identify areas in the business that may need attention.

Grow Revenue with Enhanced Operational Efficiency


RPA grows revenue with enhanced operational efficiencies and ROI is usually visible within 12 months. Operational efficiency is achieved by RPA capturing and imitating what a human user does, extracting data, and instigating workflow automation. Using robots to execute processes independently or as part of a larger business process and doing so faster than a human would. Physical manipulation is not required via the mouse and keyboard and human interference is only required when unpredictable situations occur. RPA is quickly installed and instantly generates reports with no disruption to business operations. This ensures operational costs are reduced and productivity increases allowing for faster claims processing and recoveries.

Change the Customer Experience by Increasing Customer Satisfaction


As customers’ expectations continue to increase for seamless and speedy interactions with service providers, RPA enables financial service providers to increase customer satisfaction with faster processing, improved security and 100% accuracy – increasing your competitive advantage and accelerating growth. Customer experience is a vital part of the financial services offering and no financial services company should risk a level of reputational damage through muddled systems or problematic paperwork.

Customer Expectations are improved by:

  • Faster Processing
  • 100% Accuracy
  • Speedy Interactions
  • Seamless Service
  • Improved Security
Other Key Benefits of RPA

  • Digital Transformation Acceleration

Delivery of omni-channel customer self service
Increased adoption of connected insurance (IoT)

  • Improved employee engagement

Removes the monotonous, dull tasks that plague offices
Staff are utilised more proactively in other areas of the business.

  • 24/7 operation with improved security

No rest time needed
Completes tasks every day of the year, securely and effectively.

  • Data gathering capabilities and predictability

RPA can log, update, and process data.
It understands repetitive processes so it can predict outcomes.

Preparing for RPA technology


Altering the way, a business works is always going to be challenging and moving towards a more technological efficient system does take time but the benefits when it is implemented make the journey worthwhile. The initial planning will work to align the plans with efficiency and reduce the chances of complications down the tracks. Collaboration is key and not forgetting, the need to engage with other stakeholders and team members so they are educated and prepared for the changes ahead. Often transformation projects get delayed as people aren’t prepared or projects are not fulfilled due to fear amongst staff so there is a requirement to initialise training and collaboration with teams. Once it is planned, implemented and structured into a financial services business, RPA will become an important team member in daily business operations, empowering your staff, improving customer experience and increasing revenue.

Don’t let repetitive tasks bore your staff – get them an RPA assistant

Did you know that one of the biggest complaints amongst employees is working on ‘boring tasks’ and it is something which most people dread?  

The dawn of a new decade represented time to change and to innovate towards better solutions for the workplace. Companies or organisations that rely on the ‘tried and tested’ methods of workplace processes may not be aware of the opportunities available that could save money, save peoplepower, increase staff retention rates – all while delivering an increase in customer satisfaction.  The workplace has never been as technology reliant as it is now (mainly due to Covid-19), and this is a trend that will continue as more companies recognise the benefits of technological advancement during the pandemic.  The dynamic of the workplace is changing, and employees are more demanding of a better working environment, improved work/life balance and job satisfaction. Technology drives employees to be more productive – making their life easier which not only attracts talent but retains it. The war on talent is real so while the traditional data processing system may be reliable, employees are going to become less so as they realise, they don’t have to do mundane jobs without the help of an RPA assistant. Critically, workers don’t want to be bored, they want to feel empowered. It is expected that young professionals entering the workforce (in the future) will be more educated on how technology tools offer better outcomes.

RPA is an assistant – the perfect virtual co-worker which takes the boredom out of
the workplace while doing so with better results

Robotic Process Automation (RPA) technology is emerging with new models set to dominate 2020 and is proving itself all over the world with spending projections from Gartner on RPA software to hit $1.3 billion this year. Forrester, meanwhile, has predicted the RPA software market to total $2.9 billion in 2021. These kinds of forecasts showcase the strength in RPA and how it will dominate as an impressive technology tool for the workplace. Pivotally, RPA acts as an assistant to staff members freeing them from repetitive and mundane tasks which enables them to undertake more important and rewarding work. RPA is not replacing human workers, but it is complimenting their efforts and involving itself in the workplace processes easily and effectively. RPA is an assistant – the perfect virtual co-worker which takes the boredom out of the workplace while doing so with better results.

RPA works 24/7 with an accuracy rate of 100%

RPA works 24/7 with an accuracy rate of 100% and can produce results in minutes against a human’s hours on the same task. With such accuracy, another advantage of adopting an RPA assistant is compliance and security adherence. Many people mistakenly think that RPA is purely about operational efficiency and cost reduction, but it is about much more. It is true to say that RPA can
reduce costs, but it will also increase throughput, eliminate errors, increase response times, and accuracy – and so can really drive improvements in customer satisfaction. For organisations that are dealing with a huge amount of data and processing, automating those tasks can be hugely beneficial.

Our mission is to take our customers on that journey and realise the full potential
of this powerful technology to build smarter organisations for a smarter world

At OpenSky we believe that customising technology like Robotic Process Automation (RPA) has the potential to take Digital Transformation to a whole new level, quickly delivering highly tangible benefits to our customers, their employees and their customers. Our mission is to take our customers on that journey and realise the full potential of this powerful technology to build smarter organisations for a smarter world.  It’s not enough anymore to lead business with the same structures and technologies that have long passed on productivity or accuracy. With new tech tools, life can be so much easier for staff – equipping them with tools to complete work to a higher degree of quality – resulting in pride of work, enjoyment of work and ultimately delivering a better work/life balance. Every organisation has team members who have potential, dreams and career hopes who have found themselves locked into mundane jobs. If you use RPA you are, in effect unlocking their potential and valuing their role and their abilities that technology can’t provide.

Are you ready to remove the boring jobs in your workplace? Are you ready to
empower your staff to more fulfilling roles, and are you ready to innovate?

At OpenSky one of our core capabilities is our business expertise – understanding business processes is the key to applying the right technology solution. We help our customers identify which processes to target for an RPA solution, then customise RPA technology to fit the processes, delivering instant results, quickly and cost effectively. Our mission is to take our customers on that journey and realise the full potential of Robotic Process Automation.

Are you ready to remove the boring jobs in your workplace? Are you ready to empower your staff to more fulfilling roles, and are you ready to innovate?

The key to streamlining government services is innovative thinking, and bravery  

Managed Application Support

The Government is striving towards the digital age with investment in various digital platforms to spearhead adjustments in the day to day management and operations of government services. Government departments face various challenges, but they must commit to innovating to ensure citizens are being considered in their daily processes. A certain level of risk-taking is required when investing in innovative technology which will inevitably, transform the way services are addressed and then operated. Innovation plays an integral part, but it is the bravery from key stakeholders that instigates change and navigates new technological services.  

Artificial Intelligence (AI) and Robotic Process Automation (RPA) 

The Government has a responsibility to deliver a safer nation, foster change and to enhance life and artificial intelligence has all the capabilities to do so by tackling issues in government offices. The biggest issues the Government face, that directly impacts citizens are processes that can be lagging, costly or labour intensive. With AI it takes care of the issues by reducing time, lowering manual labour, identifying problems at an earlier stage, speeding up decision making as well as advancing accuracy. A responsive government is a better government and it is one that monetises innovative tools to improve inefficiencies that plague public service offices. AI improves infrastructure – making it smarter by navigating routes and reducing commuter journeys. Robotic process automation (RPA) offers increased speed, better productivity, heightened coping skills and an overall reduction in manual errors that can be observed in office operations.      

“A responsive government is a better government and it is one that monetises innovative tools to improve inefficiencies that plague public service offices.”

Bravery and Innovation  

Streamlining services isn’t just about innovation – as we have mentioned, bravery is very much part of the digital transformation. The capabilities exist but the Government must strive to reinvent the wheel and shake off the old traditional methods. 2020 brings a new decade, a new opportunity to think ‘outside the box’ and to drive shifts to greatly improve and alter the current landscape of public services. Culture, mindset, current structures and work practices require a massive overhaul to redefine how public services function and why it is important to do better. A connected government is a daring government who are aware of the changes the world is experiencing and how capturing some of these digital tools will greatly benefit the public, not only now but in the future. Society demands technology and innovation with more people benefiting from it throughout the day without ever comprehending how the modernisation has made lives easier. The public trusts the Government to offer the greatest and most innovative digital technologies available with its numerous capabilities. Understanding citizens to achieve better outcomes, providing streamlined services, discovering innovative solutions to policy changes, and delivering public and stakeholder engagement are expectations that must be delivered now.  

Public Expectations and Personalisation 

Public expectations are higher and certainly more ‘on demand’ than ever before as everything should be available at the touch of a button, and more services are available online but that doesn’t mean the work is complete. There are copious opportunities to respond to and enhance peoples end-to-end experience of public services. By doing so and using innovative solutions, the belief is that the Government are motivating change and switching their culture to redesigning policy and delivering faster and more valuable services. Promoting such innovation creates a level of trust, improves user experience and finally, it has superior results for all involved. The private sector is showcasing their courage with personalisation, quick responses and platforms that are replacing traditional methods of interaction and there is no reason why the public sector should fall through the cracks. In today’s world, people expect the same level of personalisation and swift response from the public sector than that of the private sector.   

“Disruption is happening, innovation is happening, technology is happening so the question is, are you brave enough if we provide the innovative solutions?”

Driving Change and Quality of Life 

Boosting public services comes with a pressure to be the pioneer of such solutions and to gauge the market, plan and continuously innovate to stay ahead. The Government should force change instead of being forced to change with business models that are immensely beneficial to the public. The Governments relations (with innovative services) will be able to create a fantastic quality of life for the public, gain trust and remain competitive in a technologically advancing world.  

Disruption is happening, innovation is happening, technology is happening so the question is, are you brave enough if we provide the innovative solutions?  

Smarter Taxi Regulation

Government & Public Services

All around the world taxi regulators are investing in their technology platforms to increase staff and driver engagement online efficiencies, manage changing policy and regulatory compliance and create Realtime collaboration with industry and government partners along the taxi regulation continuum.

Zero paper and reduction in call centre investments is the ultimate goal. Many regulators are struggling to drive even 20% of its service and business processes online which given the complexities and breadth of taxi authorities role, is understandable. Advances in workflow technologies, online customer engagement portals and API availability in most modern systems, moving towards a 100% online function, is now an achievable goal for many.

While in Ireland taxi regulation is a national regulatory duty, taxi regulation responsibilities across the world vary. In the USA, various states have eliminated regulations in order to completely level the playing field between traditional taxis and the newer Transport Network companies ie Uber. Other States are considering regulation of TNC’s at a State level while retaining the traditional regulatory powers of city and county regulators.

Outside of London, taxis in the UK are regulated by over 300 local councils, many of which adopt very old taxi legislation in various ways using very different systems, which is a challenge currently under review by the Department of Transport which aims to publish their national working group report in January 2019. In 2018, the Urban Transport GroupTaxi! Issues and Options for City Region Taxi and Private Hire Vehicle Policy” report called for a new approach to taxi and PHV policy to ensure a good service for users whilst also making sure the sector contributes to wider public policy goals around public safety, congestion reduction, economic inclusion and air quality.

 

How are Taxi Regulators using Technology to achieve a safe, compliant and collaborative industry?

In Ireland, drivers can engage with the National Transport Authority through the driver portal and complete all their engagements (pay fees, book in skills test, create link etc) online on a selection of devices, applications / renewals remain offline and all industry contractors and government partners collaborate in Realtime with the Taxi Directorate through their core business application – CABS. All drivers and vehicles are linked in Realtime through a smart mobile application which enables the driver to link to a particular vehicle and this is enforced strictly by the NTA inspection team through the mobile inspection app iCABS.

In the USA, according to the IATR, the Transportation Network Company (TNC) movement has run its initial course, there is now some freedom from political pressures exerted on taxi regulators, who may now pick-up the pieces following the casualties of disruption.  Finally, for the incumbent taxicab and limousine industries, key decisions are being made on whether to lobby for the elimination of regulations that tie their hands from competing. From a technical standpoint the Federal Transit Administration’s Mobility on Demand Sandbox Program presents an interesting moment of opportunity to connect TNC’s and taxi regulators with federal services through data sharing.

Department of For-Hire Vehicles (DFHV) for the District of Columbia in Washington D.Clead the charge in terms of technology and its application to modernise the regulations engagement with drivers, inspectors, the public, industry and government partners. The authority has recently launched its Open Data Taxi Dashboard,  An Option For Payment Technology (OPT) and can showcase other useful technology applications however licencing and renewals remain offline.

New York

In New York, the biggest taxi regulatory body in the USA (similar in numbers of taxis licenced to London & Ireland) – The New York City Taxi and Limousine Commission (TLC), created in 1971, is the agency responsible for licensing and regulating New York City’s medallion (yellow) taxicabs, for-hire vehicles (community-based liveries, black cars and luxury limousines), commuter vans, and paratransit vehicles and employs 600 staff assigned to various divisions and bureaus.

The TLC licenses and regulates over 50,000 vehicles and approximately 100,000 drivers, and performs safety and emissions inspections of the 13,587 medallion taxicabs three times each year, as well as biennial inspections of all TLC-licensed For-Hire vehicles, making it the most active taxi and limousine licensing regulatory agency in the United States.

Systems at the TLC are traditional mainframe systems at the core, but the team at the TLC, along with support from the DoITT have developed some unique driver information upload portalslicencing applications and renewals are only taken online and data and Google Big Querys are open and shared. Tapping into the potential offered by unifying smart meter data with the information held by the TLC, is clearly an interesting exploration for the Commission.

OpenSky‘s Taxi Regulation teams continue investing in innovative ways of building smarter systems to support smart regulation”

London

In London, Transport for Londons Taxi Regulation body approved plans to modernise London’s private hire industry which included: 

  • A fare estimate for customers in advance of their journey
  • The provision of driver and vehicle details to customers, including a photo of the driver, before the start of each journey where customers are able to receive this information
  • Requiring operators to keep improved records and provide driver and vehicle information to TfL regularly to make enforcement easier and more effective

 

In 2018, for the first time TfL’s Taxi and Private Hire (TPH) Compliance Officers have been granted new powers by the Metropolitan Police to carry out road stops without police presence for the first time. TFL offers website visitors an online taxi checker and while drivers can register to apply online, renew online and pay fees online, there are still steps in the process offline.  The TFL Twitter handle for Taxi Industry updates has over 14.5k followers and is a good example of using social media for industry engagement. As Uber renews its licence in London for the foreseeable future, how can technology help TFL level the playing pitch and ensure the safety and high taxi standards it holds so dear in London?

 

Taxi Private Hire London.

In London, New York and Dublin, taxi regulation teams continue to invest in innovative ways of building smarter systems to support smart regulation, albeit in various ways depending on public priorities, economic conditions and evolutions of taxi policy and regulations. The Role of Taxis in the Future of Digital Urban Mobility was a key issue explored by regulators from around the world at the 4th edition of UITP International Taxi Seminar in London this year and technology was discussed as a key enabler of unlocking the value of the taxi transport system to wider public transport strategies. Many regulators from around the world presented their use of technology in maintaining safe, compliant and collaborative taxi industries including Montréal Taxis BureauLand Transport Authority of SingaporeLand Public Transport Commission (SPAD) of Malaysia and the Dubai Taxi Corporation, UAE. Overcoming industry obstacles and supporting rapid adoption of changing taxi regulations using the best in class innovation in technology is a common theme when speaking with global regulators

Our Taxi Regulation team at OpenSky data continue to work with regulators across the world assessing technological landscapes, future visions for model architectures and secure data management and enhancing the technological capability of in house technical teams or where support is minimal from in house tech support, providing a one stop shop for rapid innovation in line with strategic policy.

Interesting Links from around the World

IATR – International Association of Taxi Regulators – http://www.iatr.global/

UITP Taxi Platform – http://www.uitp.org/expert-groups

The Regulation of Taxi Markets in the European Union: a liberalisation forced by technological disruption  – https://www.coleurope.eu/regulation-taxi-markets-european-union-liberalisation-forced-technological-disruption

Taxi driver licensing in select EU countries/cities – http://www.ttnh.ie/news/taxi-driver-licencing-doc2..pdf

About OpenSky 

As Ireland’s Only Govtech digital transformation specialist, we deliver future-proofed citizen access and operational efficiency.  

Our Govtech business expertise has transformed over 50 public sector bodies in Ireland & the UK.  Within transport, waste, housing & health, our systems impact 2.5m people every day & manage 100m digital transactions every month in Government. 

Taking a Customer-Centric approach, we equip government teams with scalable and sustainable citizen platforms, shared digital business process information systems, legacy system modernisation and data management services. 

Our expertise & approach provides our clients with a path towards increased cost-efficiency, reduced risk of investment and superior citizen services. 

Working with the best technologies & MS Gold Certified Partners, we have 15 years of digitising processes, connecting citizens – building a safer nation. 

Wordpress Social Share Plugin powered by Ultimatelysocial