End-t0-end transformation in New York City
Intelligent Automation BFSI 2020 February 24-27 February in NYC
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Use cases abound at IA BFSI in NYC featuring learnings from HSBC, PNC Bank, AIG, US Bank, Bank of America, Goldman Sachs and more. Concepts covered include end-to-end transformation, compliance automation, natural language recognition, MVM automation, customer-centric automation and automation governance & risk management.
Intelligent Automation BFSI 2020 February 24-27 February in NYC has key insights for BFSI enterprise exectives.
Sessions of note:
Legacy Transformation to Enable End-to-End Digital Journeys
The core systems of any bank or financial institution were written in 80s on the latest and greatest technology stacks of those times. With passing decades, these systems have become gigantic and very complex but remained on the same technology stack. With every passing year, they are only becoming larger and more complex and hence more difficult, more expensive and more time consuming to change or replace. New business models and customer journeys cannot be complete without these core
systems but get constrained by the cost and time it takes to modify them or add new features to them. This creates a trap. In this session, Ketan, based on his successful experience at HSBC, will share his thoughts on creating and implementing a multi-pronged strategy for Banks and FIs to get out of the Legacy Trap.
USE CASE Capturing the Value of Automation through Automated Compliance Testing at PNC
This session will look at how automation is a solution to compliance at PNC, and the process foundations required for effective risk management
- Capturing the full value of automation through a lean six sigma framework for process excellence
- Using a Fail Forward Model by embedding into the code the requirements needed for compliance that enables passing to the next stage
- Mapping the impact of automation on upstream and downstream processes
USE CASE Piloting Natural Language Recognition (NLR) to Automate Accuracy Testing of Unstructured Documents
An industry leader is investigating the use of NLR in conjunction with RPA to ensure that they can complete full population testing of audit controls rather than a small sample. This includes documents filled with unstructured data. Among many benefits, this means that their people will be left with the high value task of dealing with reports that get flagged as suspicious rather than random samples.
- Automating the process end-to-end with a combination of RPA and Cognitive Intelligence
- The upstream and downstream impact of automating the auditing process
- The mechanics using NLR to extract the relevant information and feed it back to RPA
PANEL DISCUSSION A Closed-Door Conversation on Multi-Vendor Management for Effective Automation
Many Banking, Financial Services and Insurance organizations share the same vendors because those solutions meet shared needs. However, there aren’t many opportunities for discussion between institutions. This session will follow Chatham House Rules. This means the session WILL NOT BE RECORDED OR DOCUMENTED to provide a space for talk between companies about shared vendors within a “closed-door” environment.
- Lessons learned from choosing their first RPA vendor
- Moving from RPA to ML and AI: selecting the right vendors to be embedded within existing frameworks
- Planning automation life-cycles and building technology retirement into vendor management
- Utilizing bolt-ons and tangential solutions to RPA
- The benefit of enterprise-wide automation: conferring with CoEs and vendor handbooks
USE CASE Beyond Erica: Bank of America’s Customer Centered Transformation for Its Front Facing Business
As of March 2019, Erica’s users surpassed 6 million people. However, Bank of America is transforming the customer experience beyond conversational AI in its front facing business. It’s placing the customer front-of-mind through every step in its use of AI, ML and NLP.
- Leveraging AI and ML to drive deeply actionable insights, as well as enable greater personalization for customers
- Enabling timely, relevant and best-next option offerings to customers
- Keeping data secure and customers safe by using data to draw insight into customer behaviors
USE CASE Using Selective Process Automation at State Auto Insurance to Save 86000 Man Hours in 30 Months
An overarching challenge that connects banking, financial services and insurance is that existing siloed data, and its corresponding infrastructure, requires repetitive manual and inefficient actions to navigate. This session will demonstrate how State Auto Insurance used a combination of RPA and process excellence to automate legacy tasks through RPA while also updating their end-to-end processes.
- The decision making process behind selecting RPA, or blending multiple systems in order to prioritize efficiency over technology
- The roadmap for managing an RPA bot’s lifecycle and the framework for keeping or retiring bots
- The impact of RPA on the workforce: from repetitive low-priority tasks to high-value or customer facing tasks
USE CASE Goldman Sach’s Consumer Business RPA Program Governance and Implementation of Risk Management Controls
- Denny Singh - Vice President for Digital Finance, Strategy and Intelligent Automation, Goldman Sachs
A strong foundation based on continuous improvement, risk identification and controls development is at the core of any good program . With that thought process in mind, our consumer business RPA program governance includes process SME,legal, compliance, business risk, technology risk and architecture reviews at various stages, from use case prioritization to deployment. This also includes the realization and acceptance that RPA does not have to be the only solution, if there are other feasible and accessible alternatives available with lower effort and risk.
- Defining the CoE governance structure and the step-by-step to implement it
- Integrating the Model for 3 lines of defense risk management with the intelligent automation operating model
