Robotics and intelligent automation
Combining the power of human and machine
Robotics and intelligent automation (IA) offer multiple benefits for financial services companies — but success depends on understanding the strengths of different 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 is advancing quickly. Those working in the 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. This latest paper in our series on robotics and intelligent automation looks beyond the hype to explain what AI means for financial services businesses, and how RPA and AI complement each other. We also identify the types of activities and processes that are enabled by different forms of intelligent automation, from processing “margin call” emails to credit risk management, product pricing and fraud detection.
Intelligent automation can bring benefits for financial services businesses, but there are also challenges to address in order to unlock these. We highlight the most important, and suggest how management teams can begin exploring the transformative potential of intelligent automation in their own operations.