Robotic Process Automation (RPA)
Financial institutions are playing a numbers game in the core of their business: they evaluate risks and opportunities of potential transactions and if the perceived benefits outweigh the associated risks they will agree to the deal. In the case of traditional banking, this is true for the credit approval process, whereas in the case of insurance companies, the correct evaluation of risk factors determines the conditions of an insurance policy. Like weather forecasts demonstrate, assessments of future events like risk factors or return expectations may occasionally be wrong.
Enterprise or GBS model? Where on the RPA journey? Biggest challenges? More knowledge-based work? The SSON Analytics Live Polling at the SSOW 2017 among conference attendees brought some interesting insights into the Shared Services & Outsourcing market. Read all the results here for free: http://bit.ly/SSOW-Polling-Results
Robo-advice, also known as ‘automated advice’ refers to the provision of financial advice with as little human interaction as possible. A strand of artificial intelligence, robo-advice offers guidance on the basis of mathematical rules and algorithms rather than human intelligence. Whilst algorithmic trading may have been around for many years, the concept of a ‘robo-adviser’ has only recently become a reality.
Mary Lacity’s and Leslie Willcocks’ joint research in progressive outsourcing approaches has helped companies navigating modern outsourcing for over two decades.
The rise of Robotic Process Automation (RPA) is nothing short of spectacular. It has captivated the attention of digital operations executives with the promise of cost-savings beyond labor arbitrage, cost avoidance by extending the life of legacy IT, quicker implementation than traditional IT projects, business-user friendliness, auditability and compliance, straight through processing, and let’s be honest – terrific marketing.