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When you hear the word “bots,” your mind goes to physical robots; the kind of factory floor automation you see in a car plant. But it means something very different for financial services companies, and it can be the thing that helps you get the edge over your competitors.
Let's start with some quick definitions. Automation is a suite of technology options to complete tasks that would normally be completed by employees, who would now be able to focus on more complex tasks. Robotic Process Automation (RPA) is the entry level of automation. This is a simple software “bots” that can perform repetitive tasks quickly with minimal input. It’s often seen as a quick and cost effective way to start the automation journey. At the far end of the spectrum is either artificial intelligence or autonomous intelligence, which is when the software is able to make intelligent decisions while still complying with risk or controls. In between is intelligent automation and process orchestration, which is the next step in making smarter bots.
Intelligent automation (IA) consists of a broad category of technologies aimed at improving the functionality and interaction of bots to perform tasks. When people talk about IA, they really mean orchestrating a collection of automation tools to solve more sophisticated problems. IA can help institutions automate a wide range of tasks from simple rules-based activities to complex tasks such as data analysis and decision making.
The technology continues to evolve rapidly, and new ideas will emerge that none of us can predict. For example, we envision a world where IA technology takes a basic set of rote steps that currently need structured data and eliminate the pre-formatting that we still need to do today. These technologies could create automation that determines its own workflow and formats its own data sets to do the work that would take days in a matter of minutes.
Any automation solution, no matter how prescient, is only as good as its execution. This is where PwC excels—by offering proven expertise in managing complex implementation programs from start to finish.
What PwC delivers:
Partner, Intelligent Automation Leader, PwC US
Insurance Consulting Principal, PwC US
Leader, Financial Services Institute, PwC US