Cognitive Automation – The Convergence of AI and RPA in Banking
A research paper brought to you by Aspire Systems and IBS Intelligence to understand the untapped potential of smart automation in the banking and financial services industry
“Rule based automation is
short lived; that's not where the value proposition is. It's in RPA plus cognitive computing plus advanced analytics plus work- force orchestration."
Unsurprisingly, the RPA software and services market is expected to grow to
$4.3 billion by 2022 from its current size of $1.7 billion.
However, like any other technology, RPA is continually evolving to meet the needs of the financial services industry. RPA technology is now augmenting itself with the potential of Artificial Intelligence technology, giving rise to what is known as Cognitive Automation.
The Evolution of RPA into Cognitive Automation
While technology is evolving, banks are at different stages of their automation implementation lifecycle. Hence making it imperative for them to understand their maturity level and see where their needs fit into the evolution of RPA.
Benefits of Cognitive Automation
Framework for Cognitive Automation Implementation
Cognitive automation has the potential to automate processes that were out of the realm of rule-based RPA. The underlying elements of cognitive automation such as artificial intelligence, machine learning, natural language processing, etc. allows financial institutions to look at processes that might require some judgement to complete the processes. Thus, the addition of cognitive technologies elevates the impact of RPA, implying financial institutions will need to have a framework in place to take maximum advantage of these technologies.
Cognitive Automation Saves 80% of Processing Time and Cost