As technology continues to advance at a rapid pace, financial institutions all across the world are under intense pressure to improve efficiency, reduce costs and boost productivity. Indeed, there is now a considerable global need for the financial-services industry to evolve comprehensively from traditional, age-old business models.
Artificial intelligence has become a must-have for banks today. AI in the form of robotic process automation and machine learning is going a long way to help banks become more efficient in customer service, more compliant in adhering to regulations and more capable in tackling fraud. But like all good things, it comes with a few strings. What are the responsibilities for senior individuals and boards attached to the many benefits AI brings to banking?
What’s not to like about a process that simultaneously slashes costs and boosts efficiency? Increasingly, senior executives of financial-services firms, with eagle eyes focused on the bottom line, are jumping enthusiastically into the RPA game. Perhaps surprisingly, others in these organizations, such as IT employees, are reluctant. But adopting robotic process automation to best advantage must involve the active participation of the whole company-wide team.
Lately, there seems to be a frenzy well fed by consulting firms in the enterprise world about digitisation and the necessity to “digitise” companies’ business models and operations.