8 Ways Intelligent Automation Will Transform Financial Firms in 2021  

23 February 2021:

Disruption was the key theme for 2020 across all sectors. But even before COVID-19, financial firms were focused on improving the customer experience, competing with new digital-only entrants, and closing the gap between front and back offices. The pandemic only accelerated their digital transformation plans by forcing them to rethink how, and where, financial transactions take place.

Now that it’s 2021, what’ll emerge as the year’s main theme for financial services? Certainly, remote work and virtual business transactions are here to stay. Last year, financial firms leveraged advances in automation and artificial intelligence to reimagine organisational workflows. That trend is likely to continue. Further, we expect firms to scale and automate operations more broadly, taking advantage of key developments emerging on the horizon. Here are eight ways we believe intelligent automation will transform financial firms in the coming months.

1. From Individual Processes to Financial Workflow: In financial organisations, nothing killed employee motivation faster than the all-too-common task of monotonous, cut-and-paste data entry. With Robotic Process Automation (RPA), this task became a drudgery of the past. As a result, RPA caught on like wildfire in 2020. It made automating routine, mundane tasks fast and simple. But where does RPA go from here? It’s all about workflow. The new normal is accelerating the call for digital transformation—creating streamlined, frictionless experiences that delight customers and employees. To do this, financial companies increasingly are bridging their RPA expertise to higher-value initiatives—business workflow transformation. For savvy financial companies, 2021 is about harnessing their RPA automation expertise and leveraging it with complementary technologies like process orchestration and document intelligence to automate their mission-critical business workflows.

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Source: FinExtra

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