Other parts of this series:
Welcome to the age of robotics. From the simple automation tools to complex machines able to learn as they go, robotics is making headline news in financial services. Many industry observers share the view that robotics’ growing capabilities will trigger a fundamental shift in operating models in banks. In an Accenture study surveying more than 240 leading banks, we found that more than three-fourths believe that the new workforce will be comprised of employees as well as intelligent machines, and collaboration between the two will be critical and training essential.
Where we see actual daily usage in Finance and Risk functions in the simpler range of robotics in process automation. In the space of a year, robotic process automation (RPA) in financial services has evolved from theory to practical application. A few months ago, we began work with a few innovative banks to help design RPA single “proof of concept” projects; now we are deploying many additional RPA initiatives across their organizations. This rapid shift from robotics as a concept to reality began with how quickly the innovative technology has demonstrated its ability to automate often tedious back-office functions. The wave of RPA has now reached Finance and Risk departments where many Accenture clients are now looking to embrace increasingly complex RPA tasks as they embark on their robotics journeys.
Why Adoption Now?
This fast pace of adoption is due in part to the benefits of robotic process automation for banks, with increases in accuracy, time efficiency and cost management. One of our banking clients has automated a relatively simple task of invoice processing and realized a 70 percent increase in productivity, with 100 percent accuracy and a project breakeven time horizon of just three months.
In addition to this blog series, please visit Accenture’s Robotic Process Automation page.