Aspire Systems and Automation Anywhere collaborated to present “Unravelling the Bot Mystery for Banks with Automation Anywhere”, on October 1st, a webinar showcasing the Banks’ need for RPA and cognitive automation. It was an insightful webinar where Ramesh Muniyandi, Head, RPA from Aspire and Sundarraj Subramani, Partner Success Manager from Automation Anywhere touched upon automation in the banking and the financial services industry. To give you a quick recap, here are 5 things we’ve spotted that are tremendously informative.
1) The RPA market is maturing in lightning speed, next stop being Cognitive Automation
While Kaizen, Six Sigma, Mechanized Automation and Cloud Computing were the markets in trend, not too long ago, we’ve come to the era, where deep learning, quantum computing, machine learning, affective computing and citizen data science are affecting the way how we use technology as well as the quality of the solutions that are provided. Banks have to act right away. Why? Well, we’re moving towards highly complex technologies which are being used by non-financial entrants like GAFA (Google, Amazon, Facebook, Apple) who are treading the payments and financial domain, as well as several neo and challenger banks and fintechs who are providing high levels of services for certain segments within the banking space.
2) Myth: RPA can play a role in very limited areas across Banking, Reality: RPA has around 40+ use case scenarios providing costs and time benefits
Customer Onboarding, Credit Card Processing, Risk and Compliance are just some of the many areas where RPA can help in working wonders for banks. There is a plethora of services across investment banking and financial markets, private and retail banking, wealth management and other common banking processes. In fact, there are 38 known scenarios where robotics can work and help in advanced automation in the banking sector.
3) Achieving Data Accuracy at 95% with 70% less Manual Work!
The known benefits of robotics in banking are cost and time. However RPA has several other benefits which lead to enhanced ROI. It starts with easier customer management and improved data accuracy – two major issues that the banking industry faces without RPA. Experts state that there is a data accuracy of up to 95% with the implementation of RPA – Now that’s mammoth. Operations also become much easier and simpler and banks can use their human work-force on more intelligence based and decision making tasks and the icing on the cake is that there’s a 70% reduction in manual tasks as well.
4) 78% increase in RPA implementations& a whopping 1380% increase in RPA’s valuation from 2016
While 78 in every 100 banks are going to be implementing RPA in the next 3 years, the growth of RPA in the banking sector is going to move from a valuation of 0.25 billion in 2016 to 3.7 billion in 2021 – That’s a 1380% increase! Also, while processes like loan and mortgage processing used to take days and weeks in a row, it now will just take minutes. That proves just what this webinar told you – RPA is the biggest catalyst in the technological world in this decade.
5) The Cherry on the Cake – IQ Bot’s Capabilities and Aspire’s Structured Process Approach – The Whole RPA Package
In the banking sector, dealing with data is not easy, hence making implementation of AI across your bank much more difficult. Why? Most banks deal with Dark Data – Any data or information that is difficult to access and which is not extractable using traditional RPA solutions. However Automation Anywhere’s IQ Bot leverages multiple AI techniques and in the process makes your RPA technology much more effective. The IQ Bot learns on the job, digitizes in a much smarter manner and identifies and classifies pages within documents based on their importance with ease.
Coupled with this, is a unique process approach by Aspire Systems where the entire roadmap for RPA implementation is built and the entire roadmap is drawn up. A potential analysis is done; metrics to understand efficiency and ROI is determined as well as data governance strategies are identified. Once this is complete, advanced RPA is incorporated into the core DNA at banks.
Final Thoughts for the Global Banking Fraternity
RPA is evolving at banks, into something much greater – cognitive automation with the influence of AI and ML techniques. Banks are planning to use more of RPA at their banks. It’s about time, they give in to the urge of having a world class business model where advanced cognitive automation acts as the leading light around the several operations that banks conduct. Yes, it’s about time.
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