An interesting report titled Robotic Process Automation Game Changers Advance Financial Services Institutions Toward Intelligent Digital Workforce published by IDC Financial Insights, points to Kryon as a vendor that meets the automation needs of the financial services industry. Kryon is an AI‑driven platform that offers integrated, business-friendly Robotic Process Automation (RPA).
Most FSIs are interested in improving customer engagement and delivering better business value through increased automation. To achieve this, no less than 60% of tier-1 Asia/Pacific banks and insurance companies are expected to be deploying what’s known as intelligent digital workforce solutions by 2021.
But what is an intelligent digital workforce? And exactly how can it help FSIs?
Bringing Intelligence to the Automation of Financial Services
An intelligent digital workforce is comprised of intelligent digital workers – i.e., software robots who augment human intelligence, performing tasks through an understanding and ongoing analysis of both structured and unstructured data.
Intelligent digital workers discover patterns, predict decisions, and offer recommendations – all the while adapting automatically and learning from mistakes.
There’s sharply growing interest on the part of FSIs to leverage intelligent digital workers for tasks that include billings and collections, loans processing, credit card applications processing, performance and financial reporting, insurance claims handling, and policy administration and servicing.
And according to IDC Financial Insights’ research, the growth of the intelligent digital workforce is being shaped by trends that include:
- A rising demand for the intelligent digital workforce
- Rise of bot marketplaces, and of vertical/function-specific offerings
- Introducing of process mining and discovery features
- Emergence of new automation roles
- Growing inclination toward multi-vendor strategy
- Pressure on licensing fees
- Increasing focus on co-innovation through ecosystem partners
Core Characteristics of a Good Solution – Choosing a Vendor
When it comes to choosing a vendor that meets an FSI’s automation needs, The IDC Report identifies 6 things to look for in a solution. Obtaining the best results with process automation requires having a platform that meets the organization’s needs and has the business-oriented and technological capabilities to support your success. (Read about the 6 core characteristics of a good solution here.)
Advice for the Technology Buyer
With RPA and intelligent automation offering significant benefits, FSIs have become eager to adopt new solutions.
Yet, many early adopters who aimed to imbue intelligence in their automated business processes did not get the value they expected. The trick is in the implementation – and the report provides tips to support FSIs making the transition.