An Empircal Study on Robotic Automation Mplementation : a Case
Total Page:16
File Type:pdf, Size:1020Kb
An Empirical Study on Robotic Process Automation Implementation: A case study on MetLife Investment Management Client Services Group Zeynep Hikmet Hιzιroḡlu, MBA Supervised by: Dr. Keith Luo, Dr. Eugene Kozlovski This research was undertaken under the auspices of the London School of Commerce Submitted in partial fulfilment for the award of the degree of Doctor of Business Administration University of Wales Trinity Saint David 2020 DECLARATION This work has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature for any degree. Signed ...................................................................... Date ................ ........................................................ STATEMENT 1 This thesis is the result of my own investigations, except where otherwise stated. Where correction services have been used the extent and nature of the correction is clearly marked in a footnote(s). Other sources are acknowledged by footnotes giving explicit references. A bibliography is appended. Signed ..................................................................... Date ........................................................................ STATEMENT 2 I hereby give consent for my thesis, if accepted, to be available for photocopying and for inter-library loan, and for the title and summary to be made available to outside organisations. Signed .......................................................... Date ....................................................................... STATEMENT 3 I hereby give consent for my thesis, if accepted, to be available for deposit in the University’s digital repository. Signed .................................................................... Date ...... ....................................................... i ACKNOWLEDGEMENTS I extend my sincerest gratitude to MetLife Investment Management and to my managers and colleagues who supported my academic pursuit throughout the years. I am indebted to my primary supervisor, Dr. Keith Luo for his guidance and encouragement during my research journey and grateful of my secondary supervisor Dr. Eugene Kozlovski as well as of my professors and of the administrative teams at London School of Commerce and University of Wales Trinity Saint David. I am grateful to have connected with so many great minds. My research would not have been possible without the valuable and candid collaboration of participants from my organization as well as from the RPA field. My heartfelt thanks to my dear family and friends who kept me going when I needed support and motivation the most and who celebrated with me with the completion of each sentence of my entire work. Mum, dad, Omer, Leonie, Louis, Arinna & Ufuk, I dedicate my work and my love to you. ii ABSTRACT Purpose and Objectives: This research is designed to establish a best practice model in implementing Robotic Process Automation (RPA) for client services group (CSG) of a large investment management firm operating in the UK financial services industry. The objectives are to systematically review the existing best practice schools of thought highlighting factors that aid to mitigate challenges in RPA implementation and for the researcher to adapt a unique model that incorporates benefits, limitations, challenges and best practice (BLCP) framework specific to CSG through conducting a field survey, including a series of interviews and a case study. Research Methodology: The empirical part of this qualitative research has been conducted over a period of three years. The researcher examined RPA implementation elements through a systematic literature review combined with semi- structured interviews involving key members that would be involved in RPA implementation within the investment management firm as well as RPA experts worldwide. Throughout this study, the researcher has been employed in an institutional investment management firm’s client service group (MIM CSG) which provided her with the appropriate platform to investigate the potential uses of RPA as they relate to processes within CSG, to determine if RPA is a viable automation solution aligned with the digital transformation strategy of her employer. Key Findings: Based on the evidence presented in this research, it is the researcher’s finding that RPA is the right automation tool for MIM CSG, and it is in fact in alignment with the overall digital transformation journey of MIM. Furthermore, the BLCP framework is versatile tool and can be used to establish an overall best practise framework in digital transformation journeys. Key Contributions: RPA is a new technology that is fast evolving, this research significantly contributes to academic research in this field from investment management sector point of view. Additionally, from practitioners’ perspective, the findings represent a major contribution on how to approach RPA implementation in the client service team of complex and global investment management firms by establishing the researcher’s own unique BLCP framework. iii Table of Contents DECLARATION .................................................................................................................................... i ACKNOWLEDGEMENTS ...................................................................................................................... ii ABSTRACT ........................................................................................................................................ iii Table of Contents ............................................................................................................................. iv List of Abbreviations and acronyms ................................................................................................. viii List of Tables and Figures ...................................................................................................................ix 1. Chapter 1: Introduction ............................................................................................................. 1 1.1. Synopsis ................................................................................................................................. 1 1.2. Rationale for Research ........................................................................................................... 3 1.3. Research Aim ......................................................................................................................... 3 1.4. Research Objectives ............................................................................................................... 3 1.5. Problem Statement ................................................................................................................ 4 1.6. Research Questions ............................................................................................................... 5 1.7. Anticipated Key Contributions to Existing Research ................................................................ 5 1.8. Introduction ........................................................................................................................... 7 1.9. Context and Definitions ......................................................................................................... 9 1.9.1. Context .............................................................................................................................. 9 1.9.2. Definitions ....................................................................................................................... 11 1.9.2.1. Investment Management ............................................................................................. 11 1.9.2.2. Institutional Client Services .......................................................................................... 14 1.9.2.3. MetLife Investment Management (MIM) Client Services Group (CSG) .......................... 16 1.9.2.4. Digital Transformation as Process Transformation ........................................................ 17 1.9.2.5. RPA .............................................................................................................................. 19 1.9.2.6. RPA Benefits ................................................................................................................. 24 1.9.2.7. RPA Limitations ............................................................................................................ 26 1.9.2.8. RPA Challenges ............................................................................................................. 27 1.9.2.9. RPA Best Practice ......................................................................................................... 28 1.9.2.10. RPA Market and Landscape .......................................................................................... 28 1.10. Conclusion to Chapter 1 ................................................................................................... 30 2. Chapter 2- Literature Review ................................................................................................... 32 2.1. Introduction to Literature Review ........................................................................................ 32 2.2. The Three Pillars .................................................................................................................. 34 iv 2.2.1. Pillar 1: Institutional Investment Management Client Services.........................................