Artificial Intelligence (AI) technologies like Robotic Process Automation (RPA) and machine learning are the biggest disruptors in global business since the Internet. They are transforming work by stripping away mundane, repetitive tasks and freeing up people to handle more advanced tasks.
Many industries are seeing innovative solutions from unchained human staff, thanks to digital automation. Some of the well-documented sectors include healthcare—where about 86% of providers and companies use some form of AI—and information technology, which always has the pulse of latest tech trends.
However, other sectors are unlocking innovation in surprising ways by leveraging the strengths of both their workforces. In this series, we’ll cover other industries and how they find innovation through these means.
BANKING AND ACCOUNTING
Banking and capital markets, unlike some industries, has consistently embraced rapid, disrupted changes. From online banking to virtual currency, banks, lenders, and other capital companies are always looking for new ways to increase revenue, cut costs, and accelerate profits. RPA has proven to do just that.
Digital workers can capture data from transactions, analyses, and reports and process them autonomously. Automation is already being used by banks to flag suspicious spending behavior, communicate with customers, validate credit screening data, and review wire transfers for fraud, just to name a few.
As for accountants: back in 2015, a study by Oxford University and Deloitte found that 95% of accountants would likely be impacted by advanced technology, specifically artificial intelligence. Meanwhile, the Committee for Economic Development of Australia (CEDA) predicted that up to 40% of that workforce could be automated by 2035.
“There is a lot of high-volume repetitive work you can use a bot for. It’s the same things over and over,” said Sonia Eland vice-president of IT firm DXC Technology. “A bot can hand work to a human and a human can hand work back to a bot, allowing humans to focus on issues requiring judgment such as approvals or analysis.”
“A new role for today’s accountants and auditors will emerge,” Eland said. “Training machine platforms with their knowledge and experience.”
In 2017, H&R Block used tax-code-trained AI to alert its accountants about deduction or claim opportunities on customers’ tax returns. Another opportunity for automation: processing loan applications. With a more efficient system, and resulting lower costs, it will start to make economic sense to extend low-cost loans to more people. More people with money to start businesses and buy homes could create more wealth and boost economies.
LET RPA UNCOVER INNOVATION FOR YOU
Partnered together effectively, digital workforces can empower human workers to focus on creativity and innovation and less on manual administrative tasks and mundane analysis. Let your company benefit from the freedom of your human workers, while saving time and money. Contact us today to find out how we can help.