Financial services are being urged to start making changes to their businesses and to not wait for the final report to be handed down.
Automation platform Open Orbit has issued a warning to financial firms to “Hayne-proof” their businesses now by utilising new technology to minimise the royal commission impacts.
Round seven of the royal commission is currently underway with Commissioner Hayne due to release his final report in February.
However, Open Orbit’s chief executive Niranjan Deodhar has told financial firms that they should start utilising technologies that would minimise the impacts.
“When Commissioner Hayne hands down his findings in February next year, there is no doubt that many Australian firms involved in banking, insurance, and superannuation – including much of the ASX top 50 – will be forced to significantly change their practices.
“In particular, there is likely to be a strong focus on “soft” areas such as corporate culture, where rules may have been in place, but were ignored due to the absence of a culture of adherence,” he said.
Mr Deodhar said fixing cultural issues is a challenge with hiring consultants to advise on culture can be costly experience.
“Hiring a team of consultants to identify and advise on culture can be enormously costly, time-consuming, and still riddled with the same human errors that caused the issues in the first place,” he said.
This is where expertise automation tech could make a difference as they work to eliminate human driven processes that can be costly and time-consuming, said Mr Deodhar.
“Emerging EA technologies can significantly reduce time and cost and can assist with much-needed processes such as control and compliance. Financial services firms wishing to stay ahead of the game are therefore urged to act immediately,” he said.
Mr Deodhar said that, currently, these types of tasks had been untouched by automation but in the wake of the royal commission certain firms may find benefit in them.
“Being able to optimise highly cognitive tasks in financial services will be a real game-changer, in particular for areas such as compliance,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]