Intelligent Automation – Reinventing Efficiency
As the post-crisis regulatory framework has gradually established itself, financial institutions have had to adjust their business models and processes accordingly.
In parallel, the past decade has seen a number of technological advances impacting financial services on a variety of levels. As terms like “Fintech”, “Big Data” and “Blockchain Technology” have overtaken the headlines, it is becoming increasingly clear that technological change is driving innovation and disruption in the financial ecosystem today.
Evolving in the shadow of the media hyped “Artificial Intelligence,” Intelligent Automation has made its way from theory to practice by becoming an important part of the new business models as disclosed in the press of major banks such as Deutsche Bank or Citigroup. Its implementation and potential to modify today’s workplace by inherently changing the way simple processes are handled, has made it very attractive to the banking world.
From lowering costs, to alleviating communication issues between different IT systems and relieving the human workforce of time consuming tasks, Intelligent Automation presents a myriad of opportunities to optimize a company’s efficiency. However, a couple of questions remain: how exactly does Intelligent Automation work and how can the financial services sector benefit from its full potential? What are the strategic benefits of Intelligent Automation processes for banks and where should it be applied?
Sia Partners recognizes the disruptive potential of Intelligent Automation and more specifically RPA and believes automation is a key next step in the optimization of processes within banks.
The following Insight provides an overview of the potential for Intelligent Automation in the Financial Services Industry.