RPA and AI in the finance industry: An analysis
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While technology has been a driver of change in the finance industry, it has stopped short of disrupting it entirely
Aside from cryptocurrency companies – like Bitcoin – technological improvements have been incremental rather than radical. The physical bank remains antiquated, built on an infrastructure that almost goads new institutions to challenge the status-quo.
Due to this, there has never been more pressure on finance institutions to embrace technology and empower their workforce through new technologies, and Robotic Process Automation (RPA) is at the forefront of this. RPA – despite its name – is computer coded software.
It can automate mundane, repetitive tasks, and free humans to work on more strategically pertinent roles. Our data suggests that RPA is still nascent, with 81% of companies across all industries yet to implement it. It’s a similar story in the finance industry. Our survey identified that 59% of finance companies were ‘thinking about’ RPA – with decidedly fewer – 12% – at the implementation phase.
In this report get insight into the full survey and analysis on the future of RPA in banking and financial services.
In this report you will learn:
- Where are the companies at in their RPA implementation process
- The main challenges in RPA Deployment
- The key to implementing RPA
- What processes are set to be automated
- The main challenges in Artificial Intelligence deployment
- Robotic Process Automation hasn’t been implemented by the majority of finance institutions
- Job losses aren’t the main issue when it comes to RPA and Artificial Intelligence
- Companies are thinking about Artificial Intelligence
Why it’s important:
- 58.82% said they we still thinking about RPA, and just 11.76% said they had implemented it
- Our research indicates that people are an essential part of RPA/AI and will continue to play an important role in the enterprise
- Our data suggests that 58.33% have a plan for AI, and many of them feel that it could come into play in the next 0-2 years