8JUNE - 2023OPINIONIN MYFUTURE-PROOFING YOUR FINTECH TOOLBOXOver the past two years the coronavirus pandemic has forced organizations to expedite their digital transformation plans and increase investment in technologies like robotic process automation (RPA). For financial organizations, the technology has proven to be more than a strategic lifeboat in the storm, but a continuing driver of innovation across the enterprise. For our organization, RPA has been an invaluable asset in building resilience, agility, and new efficiencies. We began our Enterprise Optimization Transformation (EOT) initiative in 2016 with the intent to improve processes, drive efficiency and increase overall operational performance. Being an early adopter of RPA proved to be our greatest strength during the pandemic: With unprecedented volume fluctuations occurring across the business, we deployed bots to handle critical processing functions. Since automation was already a component of our businesses' daily operations, we were able to swiftly allocate bots to high-volume areas to accommodate for the sudden shift in demand. Having institutionalized automation early on gave us more resilience and flexibility. RPA and other technologies can continue to pay off in the face of other adverse events. In the ongoing "great resignation", our employees have not been overburdened by the cumbersome, data-intensive tasks that cause staff burnout. Automating these rote functions gives employees more time for meaningful work and improves productivity at the organizational level. This is how automation should be implemented ­ as native to your organization and constantly running in parallel with human staff to be thinkers and optimize performance. While RPA technology presents an opportunity to transform how financial services firms operate, automation is only the beginning. Businesses using RPA as a standalone tool are stopping By Armando Lambert, VP, Enterprise Optimization, Bayview Asset ManagementArmando Lambert
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