Automation and AI will make significant inroads in Asia Pacific’s financial service institutions

IDC Financial Insights continues its series of reports on automation and artificial intelligence (AI) in financial services in IDC Perspective: Six Capabilities from Leading RPA Service Providers That Advance Financial Services Institutions Toward Intelligent Automation. The report looks at robotic process automation (RPA) and how the proposition around it has steadily moved toward intelligent automation and leveraging an intelligent digital workforce.

By 2022, IDC Financial Insights expects that 75% of Tier-1 Asia Pacific banks and insurance companies, meaning financial service institutions with more than US$10 billion in assets size, will deploy intelligent automation solutions at scale for increased automation, intelligent decision making, and improved operational efficiencies to achieve exceptional business value and deliver a more real-time and contextual customer experience. Furthermore, IDC predicts that intelligent automation solutions will significantly accelerate how cognitive/AI technologies are consumed within financial services.

“RPA and intelligent automation will play a pivotal role in addressing business problems and goals in 2020. A new focus will be apparent among financial services institutions to derive unprecedented value for the business, customers, and employees through a combination of automation and AI, thus improving operational efficiencies, reducing costs, driving business growth, enhancing customer and employee engagement, and delivering contextual customer experience,” says Sneha Kapoor, Research Manager at IDC Financial Insights Asia Pacific.

Important highlights from the report include:

• IDC Financial Insights indicates that institutions that choose an intelligent automation service provider based on the below-listed abilities typically achieve more favorable and long-term results from their automation deployments. The identified capabilities are: ability to deliver desired business outcomes; process identification and optimization; ability to deliver enterprise-wide scale; security, governance, and post-deployment support as core tenets; intelligence powered by AI technologies and innovative tools; and availability of talent and strong ecosystem support.
• Ready propositions that offer intelligent automation solutions for the...