Global Back Office & Operational Excellence in Banking Summit
15th - 17th of June 2021
“AI and RPA disrupting financial sector”
ABOUT THE INTERVIEW
Prior to the Global Back Office Improvement & Operational Excellence in Banking Summit, we’ve held an exclusive Interview with Maurizio Garro from Lloyds Banking Group.
Maurizio Garro works as a Senior Lead for the IBOR Transition programme at Lloyds Banking Group, where he is leading the delivery of the changes required for models, curves and products for the transition to the alternative risk-free rates for the Front and Back book. His background is in quantitative risk management, Model Risk, Market Risk, Counterparty Credit Risk, Pricing, Liquidity and Stress Testing
You will be presenting on “AI and RPA disrupting financial sector,” what are some key takeaways the attendees can expect from your session?
RPA, through customer service chatbots, helps banks deal with the low-priority queries from customers such as account and payment questions to free up human customer agents to deal with the high-priority concerns. It is important to evaluate the most appropriate way for AI to give its support and allow humans to leverage on this and provide value added.
What would be the most important challenge going through AI and RPA disrupting financial sector in 2021?
There are many challenges. First of all is the resistance to change. An additional challenge is that to integrate RPA solutions in an organisation, a new distribution of roles and responsibilities is required to create an alignment between the teams involved. The outdated technology stack in place in the financial institutions and the lack of legal requirements and constraints for process automation are the other challenges I envisage for AI and RPA.
What are the top 3 changes you expect to see in the Back Office Operations in the near future?
There are different changes that I would expect. First of all, COVID19 is definitely playing a key role in the accelerations in the digitization of the core internal operations. Secondly, improve Employee Productivity based on real-time performance data, key metrics and role-specific scorecards. The latter enable employees to see how they are doing against key metrics so they can adjust their behaviors to attain their goals and drive better productivity. Finally, an additional aspect is the establishment of a 360 view of all the work performed by the Back-office like a CRM or BPM system. The use of dashboards that provide real-time, actionable information is an important point where the financial institutions need to focus going forward.
Maurizio will be speaking on Day Two!
AI and RPA disrupting financial sector
- What is RPA?
- Benefits of RPA in financial services
- Applications of RPA
- What about humans?
- Looking at the future
About The Speaker
Maurizio Garro works as a Senior Lead for the IBOR Transition programme at Lloyds Banking Group, where he is leading the delivery of the changes required for models, curves and products for the transition to the alternative risk-free rates for the Front and Back book. His background is in quantitative risk management, Model Risk, Market Risk, Counterparty Credit Risk, Pricing, Liquidity and Stress Testing. He has a long standing experience as an internal auditor, consultant and banker in model risk management and previously worked in the Development and Validation teams of top tier financial institutions in Europe, U.S., and the U.K. for over 15 years. Maurizio is a frequent speaker on various topics in risk management, a member of the Institute of Internal Auditor and the Director of the Global Association of Risk Professional (GARP) London Chapter. He has been supporting as mentor start-ups involved in the development of AI/Machine learning products. Maurizio Garro received his Master Degree in Economics from the Bocconi University of Milano and a certificate in Financial Risk Management (FRM) from GARP.
The views, information, or opinions expressed during this interview for the Global Back Office and Operational Excellence in Banking Summit are solely those of the individuals involved and do not necessarily represent Lloyds Banking Group and its employees.