Parker Fitzgerald (PFG), the specialist management consultancy and WorkFusion, the leading smart process automation (SPA) provider, have today announced a partnership to deliver greater automation for banking and financial services companies. The combination of PFG’s expertise in risk, regulation and compliance and WorkFusion’s cutting-edge automation software will help clients reduce operational costs, while improving quality, compliance, productivity and agility.

The partnership with WorkFusion is part of PFG’s continued expansion of its Digital Practice as the specialist consultancy focuses on the opportunities presented by digital transformation, such as the use of robotics, artificial intelligence and distributed ledger technologies. Indeed, the consultancy estimates that European banks could boost their pre-tax profits by up to 40% in the next five years if they are able to limit effectively the impact of disintermediation and also maximise the opportunities presented by digital transformation.

At the core of WorkFusion’s smart process automation (SPA) software are three powerful capabilities: workforce orchestration, robotic process automation (RPA) and cognitive automation which, together, help organizations improve workforce agility and elasticity and automate manual processes through rapidly evolving AI. Robotics eliminate the manual work of operating desktop applications and manipulating structured data, and cognitive automation learns unstructured data tasks through human actions while delivering granular real-time business activities monitoring (BAM).

As WorkFusion automates more repetitive work, staff can focus on exceptional situations and higher value tasks. As a result, clients are able to achieve 50 to 80 per cent ROI within the first year.

Patrick Gormley, Managing Director, Digital & Technology Risk at Parker Fitzgerald, said: “This partnership with WorkFusion is part of our commitment to leverage the exciting new technology which can release the full business potential of banks and other financial services firms to better define and build the risk functions for the digital finance era.  Greater automation of the risk, regulatory and compliance function will help banks to automate their processes so that key staff can spend more time on supervision and enhancing quality.

“The regulatory risks associated with digital transformation are likely to prove just as challenging for banks as the implementation of the new technology. The reality is that the pace of change is accelerating and the industry has yet to fully understand the problem, let alone identify robust solutions.  Banks must align their risk governance with the digital programme now to ensure that they can bring new products and services to market securely, or they may find that their digital transformation has some very unwelcome side effects.”

Max Yankelevich, Founder & CEO said: “This partnership combines Parker Fitzgerald’s considerable expertise across digital risk, regulation and compliance with the process automation tools to operate, transform, and innovate in a challenging regulatory and economic environment .”