No industry is immune to the challenge of compliance. Often experienced as a constraint, it can be a real opportunity to improve customer satisfaction and employee experience. How can this be done? Through automation! Here are some explanations.
Customer protection, processing of personal information, securing bank data, transparency to limit the escheatment of life insurance policies, the Hamon Law… “In the insurance world, as Julien Daiguemorte, a RPA Consultant for Novelis, states, everyone remembers the Hamon Law coming into force in 2014. This required many adaptations that could not benefit from the automation solutions we have today.” No industry escapes the stranglehold of standards and regulations. But, is it really a vice?” Regulatory constraints can be turned into business opportunities through automation that not only accelerates but makes compliance more reliable,” says Alexandre Orsini, Channel Sales Executive for NICE. From the RGPD to the PCI-DSS standard, or the Eckert law, the legislator is doing everything possible to protect the consumer. This is its role! If everyone agrees on this necessity, compliance is too often perceived as a constraint by companies because it imposes transformations, adaptations that challenge well-established organizational schemes.
Balancing benefits and risks
The time of regulators is rarely the time of the business. Each new regulation imposes a tempo that can cause problems. “Not all information systems necessarily have the necessary agility to quickly adapt to new standards,” says Julien Daiguemorte. Companies can then be faced with technological, organizational, financial, and human challenges that are so many frictions with respect to compliance. “The fluctuating regulatory context upsets established balances in organizations and can lead to a loss of efficiency among employees, a degradation in customer satisfaction, and an increase in operational costs,” notes Alexandre Orsini. However, these difficulties must be dealt with in order not to expose the company to sanctions in case of non-compliance or to a strong impact on the company’s brand image among its customers.
Taking action through automation
For Alexandre Orsini, the conclusion is clear: “With Novelis, we share a conviction: automation is a lever for acceleration and reliability in a compliance strategy and a real opportunity for value creation“. By adopting automation solutions, also called RPA for Robotic Process Automation, companies can more easily adapt to regulatory changes. Deployable quickly, these solutions rely on artificial intelligence to detect the most easily automatable processes. “They can also act as virtual assistants to make the lives of advisers easier so they can focus on their core business,” says Alexandre Orsini. The banking sector is one of those where compliance is particularly complex. Julien Daiguemorte, for example, supported a Monaco private bank that operates in 38 international stock markets. In the course of its control operations, the bank must match stock orders with confirmations received from counterparties before validating them. “In total, nearly 4,000 stock orders to be checked each month and each operator must check data from about twenty different screens“. In fact, each order requires about ten minutes of processing and exposes the bank to a real risk of error. “The complete automation of the order control process not only ensured the reliability of operations, but also generated revenue and contributed to the improvement of employee well-being,” notes Julien Daiguemorte. By combining the NICE technology solution and the implementation support from Novelis, “this banking institution achieved its regulatory objectives while improving its efficiency,” concludes Alexandre Orsini. Turning a constraint into an opportunity to improve the efficiency of teams and processes: a promise kept by automation.
Want to go further and discover in detail the case of this banking institution commented on by NICE and Novelis? Watch the replay of our webinar!