Cognitive bots, cloud bring new efficiencies
Innovative asset management software saves time and money, and enriches customer experiences.
Efficiency as a service
Technology today enables the automation of many repetitive activities in the financial services industry. This was evident in the case of another firm that struggled to keep institutional customers happy — errors crept into ‘factsheets’ that its team had shared.
Between strict timelines, multiple sources that needed to be checked, and the pressure of producing hundreds of factsheets of different formats every month, the firm’s IT partner identified areas where the client’s existing resources were being over-stressed. Through ‘intelligent automation’, it was able to reduce and then eliminate errors in the fact-checking process.
The factsheets produced by that automation solution also led to significant time and cost savings while freeing up business SMEs for other core activities. A part of the process is still manual, but the IT partner’s teams are working towards automating the entire process to ease the burden on the client’s employees.
The inevitability of cloud migration
Cloud-based services offer significant cost and efficiency savings. Overlapping, expensive investments in such legacy infrastructure as apps, data security and physical servers can now be replaced by centralized cloud-based services, freeing resources for other business-critical areas of operation.
By adopting cloud-based services, asset management companies in particular can ensure minimum disruption and maximum output. In a typical engagement, legacy applications will initially be brought into the cloud, followed by cloud-native development to iron out any issues. As this process proceeds, a cloud-intrinsic solution landscape can be explored without affecting operations, even as future challenges are mitigated.
For asset management and other companies, COVID-19 has set a technological revolution in motion. The pandemic’s disruption has not only cut a wide, deep swath, but also created new opportunities for growth. For visionary businesses, the road ahead is an exciting one.
- Asset management companies can use innovation such as cognitive bots to bridge gaps in information flows to customers.
- Intelligent automation for repetitive activities in business processes helps cut time and costs, and frees up organizational resources for other purposes.
- Cloud-based services bring cost and efficiency savings such as eliminating overlapping, expensive investments in legacy infrastructure.