Wealth Management Series – Automation Delivers Operational Efficiency
Wealth Management Series – Automation Delivers Operational Efficiency

To absorb the costs of scaling an wealth management business, automation is required to maximise operational efficiency. According to a recent report, “Operational efficiency is increasingly important for traditional investment managers as low-cost passive investing is increasing competitive pressure. The automation of high frequency, repetitive manual processes are designed to reduce the costs and operational risks and release talent to complete higher-value work. 

As an example, in the private capital markets private equity firms, efficient deal sourcing and improving portfolio company operations focus on as deal valuations rise. Firms are increasingly turning to digitalisation for operational improvements.”  

The identification of automation opportunities across a wealth managers value chain should be completed in the automation assessment phase. When discussing business and digital transformation with a Chief Operating Officer, at PSK we are interested in understanding which business areas are the prime candidates for change, yielding the most benefits in terms of operational efficiency. It is essential to eke out where the bottlenecks exist from an operational perspective and clearly understand the associated risks to the organisation of not implementing the necessary changes.  

We have established that operational efficiencies are achieved by automating business processes. There are, however, significant differences between RPA (attended and unattended) and Intelligent Automation but will cover this in more detail in a future post. There is, however, a clear distinction to be made between native automation or bots delivering operational efficiency and operational excellence which sits firmly in the Intelligent Automation domain. 

It is helpful to look at results and specific use cases, but the example cited in the report (see below) speaks for itself.  

Invesco, using intelligent automation, has saved 3 million minutes per year across 35 business functions spanning the front and back office. Implementation of these technologies led to annual cost savings of around US$2.1 million.

For further details contact
David Landi – Head of Asset Management


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Wealth Management Series – Automation Delivers Operational Efficiency

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