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RPA can aggregate data from multiple sources to develop an integrated single view to complete business processes. Labor-intensive repetitive activities that need significant amounts of data processing across multiple applications will benefit from RPA without the need to change existing systems.

At the high end of digital labor is the more cognitively advanced intelligent process automation (IPA). IPA is logic-driven software combined with machine learning that “learns” trends in data and uses statistics to execute tasks based on those trends. Use of artificial intelligence is increasing in areas where a vast array of data processing is required to make decisions while considering the overall context.

In time, IPA could be capable of replacing human reasoning in certain complex, non-linear decision paths. IPA is not nearly as evolved as RPA, but adopters that may be interested in it should get on board first with RPA.

Conclusion

RPA is still relatively new. While RPA introduces a higher level of complexity, it creates significant opportunities to accelerate execution speed, improve agility and enhance process efficiency. And the challenges in achieving RPA in financial services often have little to do with technology, and more to do with executive buy–in, cultural issues, immature processes, and change management capabilities.

If implemented effectively, RPA can be a sound investment. Among the reasons:

- Quick time to market: Automations can be implemented quickly – sometimes faster than “on-boarding” a person.

- Fast payback: Software itself is inexpensive and accretive savings can be significant. Payback can be as quick as six to nine months for certain activities and processes.

- Can scale quickly: Technology can be deployed to address seasonal activities (e.g., data remediation) or periods of high market activity.

- Complement other initiatives: Can be applied alongside other process improvement exercises or location strategy initiatives to increase capacity free-up.

It is fair to say that most financial services firms are looking at every one of their business processes and understands how software can help revenue growth and cost reduction. Cost reduction second, but that does not make it any less important, or any less indicative of the grand convergence taking place.