Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

Blending automation in finance pays big dividends

Posted on: 18 July '16

Does anyone remember life before ATM machines? How about before online banking and asset transactions? Digitization has transformed the financial services industry for the better. Instead of putting tellers and investment customer service agents out of work, these two automation advancements enabled institutions to expand and capture more business by attracting a new young generation of computer-savvy customers. This was followed closely by cautious but increasingly enthusiastic older adults.

There is no question that banks and the financial services sector were early adopters of technology and that their investments have paid big dividends in cost savings and customer satisfaction. Now, the next wave of automation is knocking at the doors of business executives, but the opportunities may not be so easily identified. So, when does it make sense to replace manual labor and processes with automation?

In this blog series we’ll examine some fundamental factors that can help you clarify when automation makes sense. The first important thing to remember from our two examples is that automation is not just about decreasing costs. Implemented intelligently, automation can spur tremendous efficiencies and innovation and reduce risk across a wide range of workflows and processes.

During the recent Future of Digital Banking conference in London, I participated in a panel discussion titled, “The human vs. the automated: understanding where each adds value.” The discussion revealed opportunities in automating processes and how they fit alongside changing customer-facing roles in digital banking and financial services.

By automating mundane, repeatable transaction tasks, companies can reduce and even eliminate errors and free up human brainpower for more creative pursuits—and to provide the all-important personal touch when and where it’s needed. Whether you are just starting or looking for expert advice, chances are you’ll find something to improve efficiency and please customers.

Today, even with all the computerized financial applications, many error-prone, manual tasks still remain in the back office. Ask yourself or your staff these simple questions when evaluating processes and workflows:

  1. Are there basic tasks that could be accomplished with human intervention required only for exceptional cases?
  2. Are there repetitive, tedious and error-prone tasks that could be accomplished without human intervention or an exception-only basis?
  3. Are there manual workflows or processes that require multiple input of the same data in different forms or formats?
  4. Are there compliance-verification tasks that can be automated and reduce risks?
  5. Are there tasks that require figuring out complex patterns, such as potentially fraudulent transaction patterns or behaviors, that can be done by machines?

Don’t forget to take a bottom-up approach and actively seek for input from all levels of staff when searching for automation opportunities. Ask them what types of changes would reduce or simplify their workload, reduce errors and improve their work lives. At Mindtree, we continually ask our Mindtree minds to participate in idea generation with some very innovative results.

In the next blog, I’ll discuss the fine art of balancing automation with human interaction when redesigning banking and financial transaction processes.

Anil Gandharve

Anil is the head of Retail, CPG and Manufacturing Industry Group with global P&L responsibility. Anil has overall strategic and operational responsibility, including setting the vision, creating and implementing strategy, and driving growth for this Industry Group. He has over 17 years of experience in business development, operations and consulting. He joined Mindtree in 2010 and has been instrumental in growing Mindtree’s European business since then. Anil is passionate about Retail, CPG and Manufacturing Industry and is often quoted in top tier publications such as Forbes, Retail Systems, Computer Weekly Information Age and many more. He strongly believes in creating authentic and mutually significant long term relationships with customers.