PEX Network: The Maturing Age of Intelligent Automation in Financial Services is Upon Us

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LONDON, April 18, 2018 /PRNewswire/ --

Whether you like it or not, the future is here and it's here to stay. But in what way is it making an impact on businesses?

The Intelligent Automation Financial Services (IAFS) team surveyed and questioned over 100 global financial services experts and put together a benchmarking report, which gives us a great insight to who is impacted and how.

Key findings from the report are:

• 77% of respondents claimed that they were using up to 1-10 robots in the workplace, compared to 2% using 500+
• 43% of surveyors use IA within a financial shared service centre
• 13% said they had not started in their journey with IA while only 3% more were now in the 'advanced stages' of developing IA
• 70% are spending less than £100,000 in regards to annual spending on AI Technologies

In terms of who Intelligent Automation (IA) can help, it is open to a vast range of industries that are looking to serve a larger number of customers better than ever before. However, it's vital that Financial Services (FS) make the most of such opportunities proposed by these newest trends of technology.

Brett King, CEO of Moven says how "Advice is the next big distribution. In banking, you do need real-time advice. The ability of humans to provide that is poor and, as humans, we're inconsistent and often make mistakes"  

According to the survey the main challenges to implementing IA are plentiful. Four main challenges came through the form of: Investment, Culture, Governance and Talent.

Gerard Verweij, Global Data & Analytics Leader, PwC, said: "No sector or business is in any way immune from the impact of AI."

It seems that it is only a matter of time before businesses start to pour vast amounts of investment into IA. In particular, those in FS who join the wave of IA are going to pave the way in terms of shaping the future for the industry.  

https://bit.ly/2qFBnwD

About Intelligent Automation: Financial Services 2018. RPA is no longer enough to lead the way in financial services automation. Financial services players can benchmark with the best-in-class at Intelligent Automation Financial Services 2018, Hurlingham Club, July 09 - 11.

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SOURCE PEX Network