Automation using artificial intelligence might be the next game changer in terms of process efficiency in the financial industry.
February 10, 2017
Robotic process automation or intelligent automation (the combination of artificial intelligence and automation) is starting to change the way business is done in nearly every sector of the economy.
Intelligent automation systems detect and produce vast amounts of information and can automate entire processes or workflows, learning and adapting as they go.
Applications range from the routine to the revolutionary: from collecting, analysing, and making decisions about textual information to guiding autonomous vehicles and advanced robots.
It is already helping companies transcend conventional performance trade-offs to achieve unprecedented levels of efficiency and quality.
Until recently, robotics has found most of its applications in the primary sector, automating and removing the human element from the production chain.
Replacing menial tasks was its first foray, and many organisations introduced robotics into their assembly line, warehouse, and cargo bay operations.
Now, tertiary sector businesses have already started to apply new technologies and the robotic paradigm to automate their processes and replace humans in low value-added activities.
This is also the case in the financial services industry.