Forecasting The Future of Robotic Process Automation

Forecasting The Future of Robotic Process Automation.png

Think about an enterprise applying for a working capital loan. The request is added to a queue, the vetting process takes a couple of weeks, a compliance procedure is followed, and if everything goes per plan, your loan is granted.

Unfortunately, in a reducing era of timespans, results are needed faster than ever, and what way out could work? Solutions like Robotic process automation in banking is here, which is the mimicking of human habits and workflows, to deliver the same in a faster and error-free manner.

Today, specific RPA in banking sector like tools are not just delivering results faster and ensuring process compliance, they are becoming intelligent than ever. Let’s peek into the crystal ball to understand where RPA is headed.

Quicker TAT and Delivery SLAs

Talking about RPA improving turnaround times has become the norm: Organizations are already realizing it with the power of artificial intelligence or embedding ‘things’ into their operations. But the pace of turning around tasks to the client is going to hasten, thanks to Robotic Process Automation. It is also why this makes it the top of our RPA predictions.

Large system integrators or professional service providers are not only going to deploy automation techniques like RPA in Banking to promise faster service level agreements and grow their market share, but will use more intelligent versions, either with their existing or native AI & DL technologies.

New Jobs Roles, Greater Economic Impact

A report by HfS research last year pointed to a shift in the mindset of role allocation: moving from quantity to quality. Since humans are at the supply and demand end of the entire way the world runs today, organizations and governments across the world are understanding and responding to how job roles will be redefined.

The report predicts the creation of 14.8 million jobs in 2022, as opposed to 16 million today, with the shifting of job roles from routine-based to more cognitive-based. McKinsey talks about the economic impact of around $6.7 trillion by 2025, with the BFSI sector being the biggest adopter of Robotic process automation in Banking. RPA will become one of the biggest drivers of economic growth.

Self-Learning & Real-Time Adaptability

The future of RPA belongs to those who will not just have an RPA strategy, but those who are able to synergise their entire digital and intelligent technologies into a single governing structure. At the center of it all must be a governing mechanism that can manage &analyse data, coordinate multiple functions, and start to identify patterns.

These patterns, like understanding the pattern of the broker’s request for a capital loan in our earlier example, must be conveyed to the entire system, which becomes aware of developments like these. Then, it can suggest next steps and robotic process automation in banking can kick in to adaptively resolve the workflow, in context of that particular customer.

Business Process Management Will Replace Business Process Outsourcing

Business Process Outsourcing is being threatened by process automation, but the buck doesn’t stop there. RPA taking over BPO has myriad benefits, especially with the qualms that are associated with a third-party provider, and rising compliance and business evolution that sometimes isn’t relayed to the latter.

Business Process management, on the other hand is built on creating sustainable and competitive business models, that can be re-engineered for RPA to do its job. Robotic process automation in banking is expediting different rule-based tasks, whose functions have been configured to incorporate the former across the enterprise.

When Disjointed Tech Converges For Sector Verticals

Moving beyond just digital automation for specific departments or event companies, the next wave of tech will be where process automation tools will be modeled on the large platform technology like an enterprise resource provider or a project management tool, coupled with AI or any new technology that becomes mainstream.

There would not be disparate functioning of AI for AI’s sake, or deep learning for deep-learning’s sake, quintessential micro-objectives. Technologies might lose their names as overarching components, but could be defined as elements of a comprehensive tech strategy that are customized for sectors. RPA is expected to play the lead in framing this organization-wide technology setup.

Taking the Robot Out of The Human

Technology is one of the most important proponents of evolution, especially in the last century or two. Besides the positives of a much more advanced society, it caused upheavals through the realignment of the workforce, causing a shift in status quo as well. Short-term job losses are usually focused on, losing the larger picture.

Job roles with tasks that are routine and rule-based will be handed over to RPA, while the change will free up valuable hours for the workforce to focus on tasks that involve logical reasoning and cognitive intelligence.

RPA Will Evolve Into Intelligent Automation

RPA 2.0 will arrive soon, as technology cycles shorten. Clients are now demanding more bang for their buck, and increasing complexity and case exceptions makes banking automation like RPA in banking not completely error free.

Here is where advancements in artificial intelligence and predictive analytics will be added to drive context, look for loopholes, and move the system from being deterministic to realistic.

For example, robotic process automation in banking will pore through tomes of data of a customer to identify suspicious patterns in his transaction history, and flag it. That’s the power of intelligent automation, also

Augmenting Human Intelligence

The ability of a tool is based on the kind of inputs it can decipher, the quantity of data processed, and how well can it generate results. But that’s the easy part. With AI present in almost every digital interaction the world has online, moving from just cognitive intelligence to human intelligence is a giant leap ahead.

Deloitte talks about how sectors like banking and healthcare will be drive enormous revenue and sales growth with advanced Robotic process automation in banking. The technology will become self-adaptable, and start predicting and executing tasks with greater intelligence and predictability, akin to a human.

A HumaBot Paradigm

Rekha Menon, the Chairman and Senior Managing Director at Accenture India talks about how organizations will obviously aggressively pursue and adopt automation strategies like RPA in banking that have real business cases, but would also need to get a paradigm shift in workforce thinking.

While the bots are integrated to expedite certain processes, not every task-based or even rudimentary cognitive process needs to be handed over to the digital process automation tool like say, RPA in banking sector.

HR and management will have to persuade the current workforce to not just upskill and thrive, but craft a space where the robots are resources as well, and employees mature into a closer human-bot, or HumaBot paradigm.

Mainstreaming of Central Nerve Centre

They can use computer vision and DL to understand and act upon digitized documents, utilize ML to find the best solution to any unexpected event in a process, and closely monitor human transactions through NLP tools, prompting alerts for any out-of-the-ordinary activities.

Through these and other kinds of applications, AI helps drive efficiency, reduce risk, and foster better compliance.

With the rapid adoption of automation across large enterprises or SMEs, a leading automation provider talks about a lot of vested, process oriented bots that will be create aacross the organization. Now when the management looks at the humdrum going on, is it having a customer and business strategy context?

The next set of tools will have to also incorporate a central nerve centre like a brain that gives a customer context, and coordinates setting up of process and sectoral tools like Robotic Process Automation in banking, for a coherent approach towards long-term and short-term goals.

Robotic process automation in Banking

Users spending of RPA by 2020 is expected to touch $1 billion according to Gartner estimates, clocking a CAGR of 41% from 2015.

The future, though already here, gives us a substantial glimpse of where it is headed, and RPA in banking sector has already taken the lead with its pan-industry adoption, as new fintech startups and blockchain-based providers start adopting it in huge numbers. Robotic process automation in banking is a great precedent to peek into a more robust and inclusive RPA future.

Comments ( 0 )

    Leave A Comment

    Your email address will not be published. Required fields are marked *