IBS Journal July 2018
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RPA, and it comes a step (or several) closer to mimicking a human trader’s decision-making process.”
RPA is easier to understand, says Doris, which means that firms are more likely to get involved with it: “With RPA, the RoI or cost elimination is usually quite clear cut, in contrast to other application areas where AI can be used to potentially provide new and innovative services. So, it’s easier for firms to see the benefits and get behind it.”
Karl Seagrave, head of innovation at Fenergo, warns firms on rushing into implementation of new systems. “I would caution on rushing to RPA solutions and automating poor or inefficient processes,” he says. “This will offer only very short-term gains. Always start with the problems you’re trying to solve before selecting a technology set. The first step is to automate what you can.”
intelligence represents a significant competitive advantage in the provision of scalable, high-quality services
“ Providing artificial
Making waves
So, where can RPA have the largest impact in the industry? “Firms that have limited capital to apply toward technology or burdened with regulatory complexity have looked to RPA and the cloud to build more scalable, cheaper and safer infrastructures,” states Mann. “But the most valuable application of RPA in the cloud is to acquire and organise massive data sets – to create data-centric financial services firms that can leverage predictive analytics utilizing machine learning and AI. In essence, RPA sets up machine learning and AI to deliver business value in the shape of unique insights that provide competitive advantage to the firm.”
Langua Jr. adds: “When a system learns from its users, it can help its users do their jobs more efficiently, increasing their productivity and, arguably, their job satisfaction. Trade automation is one such area that has been on the forefront of the application of AI and RPA in financial services, largely due to the maturity of electronic trading in certain markets. This is certainly one of the biggest impact sectors for RPA in finance today, if not the biggest.”
To what extent does robotic process automation benefit the end user, as opposed to the firm implementing the solution? For Mann, it’s not a zero-sum game. “RPA is extremely valuable to both the business and the end user. The business benefits from the ability to automate large- scale mundane tasks. This in turn improves operational efficiency
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