Don’t Miss Federico Berruti Speak on AI, ML and Innovation to Improve CX at the Digital Banking Virtual Summit

The first-ever “Digital Banking in a Post-Pandemic World” live virtual summit is fast approaching on September 15, 2020! We are excited to bring to you a host of exciting industry speakers and panelists, including Federico Berruti, a partner a McKinsey. Federico will be taking part in the Expert Panel: AI, ML & Innovation to Improve Customer Experience, where he will hare actionable insights born of his deep knowledge of automation, AI, and disruptive tech in the banking world. Read on to get a sneak peek of what you can expect to get from Federico Berruti’s speaking engagement at the Summit, and why it’s worth your time.

Innovation is Key to Meet Growing Banking Customer Expectations

Federico Berruti has harnessed his expertise in disruptive banking tech at McKinsey and financial institutions to distill the principles of strategically introducing automation. Below is an excerpt from his article originally published by McKinsey, “The Transformative Power of Automation in Banking.” These six concepts will help you get a better sense of his thinking ahead of the Virtual Summit Expert Panel.

1. Develop the end state vision and strategy

Successful banks develop a bank-wide vision for the future, reimagining how they will be organized and how work will get done—both with the automation capabilities that exist today and those on the horizon. They focus on automating the processes that are essential to their long-term competitiveness and turn to vendors for the processes they expect to become commodities (for example, routine finance functions, basic reporting). Banks should not hesitate to set ambitious targets, aiming to lower costs by more than a third and turn their restructured cost base into a competitive advantage.

2. Set up a small central team

Putting a well-run center of excellence (COE) in place early is critical to the long-term automation effort. A COE administers the enterprise-wide approach to transformation, and plays a number of critical roles, from managing vendor relationships to building capabilities and interfacing with the business and critical support functions—in particular IT and human resources.

3. Ensure IT is a partner

In most cases, automation at scale needs to be sponsored by each individual business and function, but a close partnership with IT is particularly important. IT designs the overall systems lifecycle, manages the rollout against IT priorities, supports development, and performs ongoing maintenance. A successful partnership thus requires early and ongoing engagement with IT through a program steering committee and governance structures.

4. Focus on human resources

The people changes associated with implementing automation at scale—and realizing its full value—are substantial. New automation technologies will touch on many different roles within the bank, and employees will need to learn new ways of working. While automation can have significant benefits in terms of risk, revenues, and client experience, many efforts will also automate work that is currently being done by people. HR therefore plays an essential role, creating new workforce-management practices, proactively managing changes, and using analytics to plan and coordinate the redeployment and reskilling of employees.

5. Create detailed roadmaps and anoint change champions

By focusing on one area and creating a detailed roadmap, banks can avoid paralysis, get all stakeholders involved, and make the initial area a “change champion” that will build excitement and rally the enterprise with an inspiring narrative. Such early deployments can also be used to train the businesses and functions that implement later. Additional ways to achieve follow-up success include secondments, go-and-see events and the sharing of learnings through the COE.

6. Carefully choose the first pilot area

The first business or function chosen for an automation pilot will be crucial, as it—and its leaders—will ideally become the initial change champion for the entire automation effort. While the size of the opportunity and the ease of implementation are important, having the right leaders as sponsors for the initiative is critical to success.

Federico Berruti is a Trailblazer in Financial Automation

Federico is a leader in McKinsey’s Financial Services Practice and leads McKinsey’s global Automation@Scale group, with a focus on financial institutions and corporate business functions across sectors. He serves financial institutions on a broad range of disruption, partnership, finance, operational efficiency, and technology-related initiatives. Federico is passionate about biofuels, biochemicals, and sustainability and also serves clients on these important issues.

Ready to join Federico Berruti and other industry leaders at the Digital Banking in a Post-Pandemic World Virtual Summit on September 15th? Register now!