The London-headquartered management consultancy that serves the finance sector will offer automation compliance and risk solutions through the partnership.

Parker Fitzgerald (PFG) has partnered with WorkFusion, the smart process automation provider, to deliver greater automation for banks and financial services firms.

WorkFusion’s process automation software includes workforce orchestration, robotic process automation and cognitive automation. Together, these tools seek to boost workforce agility and automate manual processes, thereby cutting operational costs, while improving quality, compliance and productivity.

The partnership comes as PFG pushes for growth within its digital practice, which focuses on opportunities such as the use of robotics, artificial intelligence and distributed ledger technologies. The consultancy estimates that European banks could boost their pre-tax profits by up to 40 per cent in the next five years if they are able to effectively limit the impact of disintermediation and maximise the opportunities presented by digital transformation.

“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,” said Patrick Gormley, managing director, digital and technology risk at Parker Fitzgerald.

“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.”