Artificial Intelligence paving the way for Robotic Process Automation
A peek into how Robotic Process Automation (RPA) will be the game changer in the financial industry
Robotic Process Automation or intelligent automation, is starting to change the way business is done in nearly every sector of the economy. Intelligent automation systems detect vast amounts of information and can automate entire processes or work flows. The Artificial Intelligence/Machine Learning allows them to learn and adapt as they go. Applications range from the routine to revolutionary. They can be from collecting, analyzing, making decisions about textual information to guiding autonomous vehicle and advance robots. It is already helping companies overcome conventional performance measurements to achieve unprecedented levels of efficiency and quality.
Artificial Intelligence and Automation are hardly new, but the technologies have grown substantially in recent years. Robotic Process Automation is the application of technology allowing employees in a company to configure computer software or a ‘robot’ to reason, collect and extract knowledge, recognize patterns, learn and adapt to new situations or environments. Major breakthroughs in recent software abilities and computer power like language processing, machine learning and speech recognition are being used by Robotic Process Automation.
Artificial Intelligence is expected to have a major impact on the world of work. It has two fold roles – one being that it can complement human input in complex work requiring creativity and judgment. Secondly it will increasingly act as a substitute for routine labor. We are beginning to see task assistance and associate systems that, with the right interface, allow humans to delegate work to a computer.
Business process management and rule engine software are the basis of most current process automation initiatives. These technologies enable organizations to model their processes and have a computer orchestrate them by taking decisions on where to direct flows at subsequent steps. With these technologies, organizations gain efficiency by having the entire process or part of it executed by a computer. These will definitely lead to making speed and most likely cost gains.
With intelligent automation technologies, processes become increasingly intelligent. They can adopt to change and become more precise with time and process large quantity of data. It will be to the point where human input is needed only in very exceptional situations.
Automation using artificial intelligence might be the next game changer in terms of process efficiency, especially in the financial industry.
Apart from back office process automation which replace or overhaul core legacy platforms, Artificial Intelligence can change the way financial institutes do business.
- Machine learning software supports client on-boarding, transaction monitoring and fraud prevention. This is achieved by identifying patterns in behavior that could indicate fraudulent payment activity.
- Speech recognition technology is used to automate customer service, telephone interactions and to verify the identity of callers.
- Natural Language Processing software can be used to interpret employee or client questions asked by text or voice – about transactions, compliance, software support or any other area of expertise, with the software proposing an answer.
The potential business benefits of Artificial Intelligence technologies are broader than just the cost savings that are indicated by the concept of automation. They include faster actions and decisions, better outcomes, greater efficiency, lower cost, greater scale and product and feature innovations.
Robotic Process Automation technologies can and will be used in a lot of different process areas. Having said that, there will be domains where software cannot replace humans. An excellent example is when regulations require that a human be in control of a financial review process. Such are cases where Robotic Process Automation can assist humans but will not take over. Obviously, Robotic Process Automation will not totally replace humans – as humans needing some social interaction and a human touch, clients will be driven away if they can only interact with machines. Then again, perhaps it is simply a matter to time and a question of attitudes. And this, only time will tell.