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Introduction

Banks are looking at automation to cut costs, increase business efficiency, and improve compliance. There is much confusion about how best to exploit robotic process automation and AI, however. This report explains the key features, benefits, and risks involved.

Highlights

  • AI will not be a solution for all problems and should not be seen as a direct replacement for human employees, but its use will unlock a range of new capabilities and efficiencies for banks.

Features and Benefits

  • Evaluates the benefits that RPA and AI offer to banks and the risks involved.
  • Identifies the best approaches to using automation to improve efficiency and productivity.

Key questions answered

  • How is artificial intelligence likely to be best used in banking?
  • Where should RPA fit within a bank's IT strategy?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Virtual operations have yielded some results

  • Improving process cost and operational efficiency is a key focus of FS firms
  • Automating processes should be part of a long-term strategy

The real benefits of using AI are yet to be seen

  • Going beyond to intelligent automation
  • Intelligent AI strategies focusing on specific tactical improvements will be key for long-term benefits

Appendix

  • Further reading
  • Author

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