Robotic process automation (RPA) or “Automation” describes logic driven robots that execute pre-programmed rules on mostly structured and some unstructured data.
At digital labor’s highest end, robots can learn from prior decisions and data patterns to make decisions by themselves. More sophisticated tools take more effort to deploy and maintain, so you should choose the method that’s the best fit for what you’re trying to do.
The concepts have been around for nearly a decade, and they’ve advanced quickly. In financial services, insurance carriers have used RPA in claims processing for quite a while. Capital markets firms are now turning to Automation to reduce costs, provide better service, and even make complex regulatory implementations work more efficiently.
For financial institutions in a challenging market, this is quite appealing: use automation in repetitive, business rule driven work to rapidly reduce costs, improve controls, quality and scalability, and operate 24/7.