Client Lifecycle Management (CLM) has seen constant increase in complexity and requirements over the last 5+ years, leading to significant increases in cost from a personnel and technology perspective. Combined with the increased regulatory and risk burden, this creates opportunities where Robotic Process Automation (RPA) can be introduced significantly reducing these costs and the potential for error and risk.
RPA is part of an evolution that has developed over the previous decade with now a development of sophisticated enhanced technology. RPA is essentially automation software which replicates tasks and activities by interacting with technology and systems as humans would. This includes internal and external systems and databases, workflows and also common market enterprise software.
Digital automation is possible across the full spectrum of the client lifecycles. Industry view derived directly from the CLM and KYC operations of leading banks highlight such opportunities for reducing manual effort and time. Essentially where there is a repetitive, manual and non-value adding tasks, automation is possible.