Financieel Management, the Netherlands: Cognizant’s Assistant Vice President of Banking and Financial Services Consulting for Benelux Says Automation can Empower Traditional Financial Advisors to Give Better Advice

“While the discussion around the benefits of automating jobs continues, numerous banks are already using software automation to improve operational processes and efficiency,” says Joris van Dongen. “I believe the power of smart robots, which we at Cognizant refer to as Intelligent Process Automation (IPA), may in fact enhance today’s knowledge-based jobs and even create entirely new job categories.” Excerpts:

“With banks at the forefront of adopting software automation, one area that can be especially beneficial is wealth management, where providing prescient financial advice hinges on the ability to conduct real-time monitoring of risk.

Robotic wealth management start-ups use IPA to provide automatic asset allocation advice and have thus created a new business model that challenges traditional wealth managers. The competition from disruptive start-ups has led traditional banks to start looking at possibilities to adopt similar models and technologies to maintain their competitive edge, especially with regard to catering to Millennials.

Globalization has led to more variables for wealth managers to consider, requiring analysts to monitor an increasing number of factors that influence risk. Wealth managers are turning to robots, using software automation for continuous monitoring of risk based on a variety of factors. This enables them to offer clients increased real-time intelligence as a value-added service.

In the Benelux, there is a huge opportunity for banks and fintech companies to improve both client experience and value proposition. 

While revenue, speed, efficiency and savings clearly drive banks to adopt software automation processes, the data generated by those same processes is potentially a bigger reward for banks and financial institutions in the long-term.

As disruptive robot advisor start-ups transform the wealth management industry, adopting similar software automation services is quickly becoming a necessity for traditional banks.”

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