Discover why automating financial services is quite different and challenging from other business domains due to a high level of caution, concerns, and risks.
Join the DZone community and get the full member experience. Automation in finance, or any other sector for that matter, is inevitable. However, automating financial services is quite different and challenging from other business domains due to a high level of caution, concerns, and risks. According to the survey used for the above infographic,73% of finance experts believe that automation boosts their function efficiency, and hence, the finance team can focus on other value-added activities. At the same time,87% of CFOs believe that they need to be more agile to analyze their financial services and meet their targets. Looking back at the traditional systems, financial operations were supported by the conventional on-premise ERPs. Hence, the financial procedures were slow and prone to errors due to manual work. Thanks to the emergence of technology like deep learning and machine learning, the automation rates in finance operations are rising like never before. Finance automation simply means automating financial functions or completing financial processes with little to no human intervention. It involves a series of jobs that can be singly handled by technology using predefined steps. There are different levels to automation, but the end goal is to minimize dependency on humans for the tasks. Different organizations are adopting automation differently, whether in the form of robotic process automation for basic rote-task automation or artificial intelligence and machine learning automating intelligent decisions. It is pretty interesting to note how automation in finance is easing up jobs and, at the same time, helping accomplish more by increasing agility and efficiency. Currently, the RPA industry is expected to be worth $2.9 billion by the end of the year 2021.
