Financial services companies can thrive through intelligent automation – the intelligent use of multiple tools and automation approaches.
Financial services companies have been embracing automation for some time now. Robotic process automation (RPA) has already made its mark, but artificial intelligence (AI) is now attracting huge interest as businesses explore the potential to unlock value in the form of improved revenue, customer service, efficiency and risk management.
AI is widely seen as the next business disrupter and advancing quickly. Those working in the AI field believe it is the most disruptive technology we will see in the next three to five years. And there’s more to AI than driverless cars. Financial services companies are already seeing how AI tools can improve revenue, efficiency and risk management.
However, AI is one part of the future: its real power comes in combination not only with RPA and digitization in general, but also with the input of people. Neither human nor machine alone can outperform human and machine working together. We believe financial services companies can thrive through “intelligent automation” — the intelligent use of multiple tools and automation approaches.
Intelligent automation is the intelligent use of multiple tools spanning not just RPA, but Digital and AI enablers, human-in-the loop and “Big AI” concepts. Intelligent automation also means looking for alternatives to automation and deciding what’s right based on a wide range of potential benefits — not just cost.
But, as importantly, intelligent automation is:
- Understanding if there are better delivery options e.g., LEAN, Six Sigma or system changes.
- Understanding the full range of benefits e.g., new revenue, better compliance, reduced fraud.
- Understanding the options for use of RPA, digital and AI in terms of cost, risk and ROI — i.e., should we use AI to read emails, or have simple digital forms?