IDC Perspective: Six Capabilities from Leading RPA Service Providers That Advance Financial Services Institutions Toward Intelligent Automation
IDC Financial Insights continues its series of reports on automation and AI in financial services. This report is fourth in the series, where we start by looking at robotic process automation (RPA) and how the proposition around it has steadily moved toward intelligent automation and leveraging an intelligent digital workforce.RPA and intelligent automation will play a pivotal role in addressing business problems and goals in 2020. A new focus will be apparent among FSIs to derive unprecedented value for business, customers, and employees through a combination of automation and AI, by improving operational efficiencies, reducing costs, driving business growth, enhancing customer and employee engagement, and delivering contextual customer experience. In 2020, many FSIs in APEJ will also demonstrate their efforts to scale their automation deployments, or at least create a vision to do so. Moreover, the institutions will start to think about how to optimize their hybrid workforce: an optimal combination of digital workers and nondigital workers (i.e., human employees). We believe that the next two to three years will be crucial as more and more institutions appreciate the achievement of significant benefits with intelligent automation, more successful functional- and vertical-specific use cases are presented in the market, and more advanced features and propositions are made available by the software vendors and service providers. Sneha Kapoor, research manager, IDC Financial Insights, says, "By 2022, IDC Financial Insights expects that 75% of tier 1 Asia/Pacific banks and insurance companies will deploy intelligent automation solutions at scale for increased automation, intelligent decision making, and improved operational efficiencies to achieve an exceptional business value and deliver a more real-time and contextual customer experience. We also believe that the intelligent automation solutions will significantly accelerate how cognitive/AI technologies are consumed within financial services."
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