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Your Competition is on-board… Are you??

Banks and other financial institutions that haven’t embarked on the digitization journey and leveraged on the current trend of RPA and Artificial Intelligence yet will soon be redundant. It is amazing to see the extent to which some of the top players in the industry have explored this arena.

Simply put, RPA and Artificial Intelligence, aims to replace humans with a la mode software solutions. This, however, is not to be construed as a simple ‘cost cutting’ initiative. The increasing demand to look through loads of ‘Unstructured’ pieces of data, within a short span of time and turn out the ‘first time right’, has forced organizations to look beyond human capabilities. Additionally, the need to be the first in the market and to wow your customer makes it mandatory to turn to digital platforms for solutions. Customers today look beyond the simple Problem Solving and Manipulative Tools, including Robotics, Chat Bots, and Speech Recognition. Natural Language Processing, Predictive Analysis, Analytics on Customer Behaviour and so on. The Banking, Financial Services, and Insurance industries have been in the forefront to embrace this change and make effective use of technology to be ahead in the game.

Demand for Robotic Process Automation (RPA) has considerably risen in the past couple of years. As we move on, vanilla RPA solutions are being outpaced by Machine Learning capabilities. Process Complexity and Criticality is not a constraint for automation anymore. There are enough examples where complex decision-making tasks are easily and efficiently handled using the right tool. Be it Settlements of Securities or Investigation & Analysis in Reconciliations or Refunds & Recalls in Banking or Research & Analytics in Investment Banking, RPA, and AI hasn’t disappointed us in any area.

 

Read More: http://blogs.hexaware.com/your-competition-is-on-board-are-you/

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