Other parts of this series:
Automation is a hot topic in financial services today, having proven itself as an operational efficiency driver that can free up humans to take on more strategic roles. Automation is also proving to be transformational in terms of addressing auditability, security, data quality, and operational resilience—important capabilities in such a highly regulated industry. Clearly automation shows great promise for enabling new business solutions and delivering even greater benefits. But that’s not the end of the story.
The business process improvement evolution
The financial services industry has come a long way over the past 20 years in making business operations more efficient and effective by adopting six-sigma, re-engineering processes, and utilizing software for business rules-driven routing. These efforts are the predecessors of today’s IA.
“70% of executives are making significantly more investments in artificial intelligence technologies than they did in 2013.”1
IA represents the new generation in enterprise transformation by taking the financial services industry to the next level in harnessing technology to drive greater process efficiency and effectiveness in ways not possible with earlier process improvement methodologies or automated capabilities. What’s the biggest difference? With IA, machines can actually “think.” And that’s changing the financial services environment in a number of ways.
IA—your new business partner
Essentially, you can view IA is your new business partner. IA opens the door to new products and services. It can accelerate your competitive edge, help you make better and faster decisions, and evolve your business for improved performance in every aspect.
It’s likely some of you have been looking at each of your business processes and asking, “Can we automate this?” You may even have placed your first bot into production. Typically, it’s at this point when the next important question surfaces: “How can we make this automation more intelligent?”
In this blog series, I’ll answer that question by explaining how you can leverage new IA technology to transform your business.
For more information on applying IA in your firm, please see Accenture’s report: Intelligent Automation: The next step in your business transformation journey
1 “Intelligent Automation: The essential new co-worker for the digital age,” Accenture, 2016. Access at: https://www.accenture.com/us-en/insight-technology-trends-2016