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Intelligent automation in financial services

An unprecedented opportunity for HR to drive digital transformation

70% of financial services executives believe artificial intelligence will completely or significantly change their organization by 2020.

Intelligent automation (IA) is likely to affect most, if not all, parts of financial services organizations. Human resources has an opportunity and a responsibility to lead the way, helping to transform organizations into more efficient and rewarding places to work.

HR will perform a critical role in preparing the workforce for artificial intelligence (AI), including change management, skills development and talent sourcing. An enterprise-wide people strategy is needed, and according to predictions in Accenture’s 2017 Technology Vision, these strategies should already be in the works. Four out of five financial services executives surveyed believe automation driven by AI will be seamlessly embedded into every aspect of their business by 2021.

A digitally-empowered workforce will use technology to be more creative and innovative. The challenge for HR will be to integrate human intelligence and machine intelligence, so that they coexist in a successful two-way learning relationship.

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The leaders of the future will be organizations that employ technology to enable their people to accomplish more.

FIVE STEPS TO LAYING A FOUNDATION FOR AN AI-EMPOWERED ORGANIZATION

Appoint a C-suite executive as talent transformation sponsor, to define a top-down, company-wide IA talent vision and strategy. Explore the design of an organizational structure that best enables delivery of the IA capability and supports the new corporate strategy and culture.

Launch a cross-functional team, with a dedicated budget and executive-level stakeholders, to define HR policy with regard to AI. It will serve as the gate-keeper for the demand for process automation, building an enterprise roadmap that is aligned to the IA strategy and vision.

Interview business leaders across the organization to determine the potential for and likely impact of AI, and its implications for the workforce. Identify the necessary governance changes, and define a set of interventions that address the needs of the human workforce in an increasingly automated workplace.

Develop and pilot a training program for AI teams and user experience/interface teams to cross-train on implementing AI. Also, define the new skills that will be needed by workers whose roles will be supported by IA.

Plan a comprehensive change management approach for rapid adoption of AI. The IA team should also proactively track new trends and technologies, to determine when to abandon the firm’s current projects and move on to new IA initiatives.