Drive efficiencies and enhance human performance with robotics and AI
With ever greater pressure to cut costs, banks and insurers alike are experiencing a fundamental shift in the manner through which they look to service their customers’ bases. Digital communication channels are now more prominent than ever, serving as the primary medium through which the finance industry looks to scale down its cost heavy physical presence.
At the same time, the industry faces ever greater competition from new challenger institutions, who not encumbered by legacy infrastructure, are able to offer much faster, modern and more compelling customer experiences. These technology advancements, regulatory pressures and increased market competitiveness has created challenges of meeting and executing on strategic and operational goals. Robotic process automation (RPA) and artificial intelligence (AI) can help provide solutions to address these challenges by automating rule based, standardised and repetitive processes.
RPA is the use of software or ‘robots’ to mimic actions a human user would perform on a computer at scale in order to automate the human element of mundane, manual and repetitive tasks. RPA tools integrate with existing applications to interpret interfaces, manipulate data, trigger responses, and communicate across multiple systems seeking to automate business processes that are highly repetitive, rule-based and use structured data and make them more repeatable, faster and less prone to human errors. Technology innovation such as RPA also encompasses the initial steps towards enhanced cognitive solutions such as AI and machine learning, which, once matured, will further transform the automation agenda in the financial services industry.
AI which as a term, has for the most part been thrown about with a certain level of ambiguity both in finance and the wider tech community alike. The fact of the matter remains that the term AI Is simply a broad overarching category that can be applied to a myriad of different technologies whose fundamental unified goals remain the same, to strive towards ever greater levels of automation. These technologies, although different in the fact that they are designed to tackle different areas of the automation goal, can and are used together to create meaningful solutions to real world business problems, finance included.
From customer service automation through intelligent bots, natural language processing, big data analytics and more, at Capco we have been fast to leverage the evolution of AI technologies to create new and innovative digital products that help automate various parts of our customers’ businesses.
Capco has proven experience in delivering cutting edge technology to our clients, supported by robust governance and assured IT delivery. We have a global team of digital finance specialists who can work closely with you to discover which of your processes are ripe for automation. We can help build business cases to determine the business benefits RPA and AI will bring you, and provide prototypes which can help realize these benefits.