So many industries are seeing a revolution brought on by intelligent automation, artificial intelligence (AI) and robotic process automation (RPA). These technologies can automate manual processes, like sending customer emails, performing compliance checks, or digitally inputting data. By identifying opportunities for intelligent automation, businesses can increase efficiency, improve the member experience, and reduce the risk of human error.
Intelligent automation and its applications
Intelligent automation is the process of using AI and machine learning to automate tasks normally performed by humans. This can be done through a variety of technologies such as computer vision, speech recognition and machine learning.
Intelligent automation is used in a variety of industries including healthcare, financial services and more. In healthcare, it can be used to digitally capture paper medical records and forms, and in finance, it can be used for fraud detection or applied to investment strategies. For asset managers, compliance guideline coding can be a time-consuming task that involves reading the often-complex investment management agreements (IMA) to create the investment guideline. With AI and RPA, these IMAs can be digitally captured and read for you, saving you time and allowing deeper focus into other areas of the business. For superannuation and retirement funds, it can be as simple as creating processes to perform KYC checks such as inputting the data for you across multiple processes.
Creating an Intelligent Automation Roadmap
Once you have identified an opportunity for intelligent automation, the next step is to develop a roadmap that will enable you to achieve the best outcome.
A comprehensive roadmap should include:
- An assessment of your current systems and processes—This helps you identify areas where intelligent automation can be achieved via existing technology and makes it easier to evaluate how much time it will take to implement new technology. It also provides an understanding of how much effort will be required from your in-house workforce and whether this balances the benefits gained through implementation.
- A timeline for implementing the necessary changes—By setting realistic timelines, you’ll make sure that any changes are made systematically rather than hastily implemented with little planning or foresight involved—which could lead to costly mistakes later down the road!
Reap the rewards of intelligent automation
Firms can use intelligent automation to improve their processes, products and services, and to create new ones. They can use intelligent automation to improve their customer experience. Intelligent automation has already been transforming the way we live our day-to-day lives, and the workplace is no exception.
There is no doubt that AI and robotics will have an impact on your business, but it is up to you to decide whether this impact is a good or bad one. You need to be prepared for what’s coming and work out how best you can embrace these new technologies without losing sight of your business’s core values and purpose. The key takeaway here is that you should not be afraid of change. Embracing new technologies and allowing them to evolve naturally over time will help ensure that your business benefits from these technologies rather than becoming another casualty of technological disruption.
Take a closer look
How, specifically, does intelligent automation help people and companies within retirement and Superannuation funds?
Computer algorithms are used globally, and intelligent automation is no different. However, intelligent automation is far more sophisticated. Within countries like Australia, the superannuation system is seeing intelligent automation being used to heighten member experiences and make funds operate more efficiently.
Chatbots are a great example, as they are increasingly being implemented across companies to help members via conversations. These conversations would typically take place in customer service or information requests, and can now be managed more efficiently and at a time that best suits the member. The use of chatbots reduces the need for email, and in some cases, telephone conversations, which not only decreases costs for the fund but also allows 24/7 access for the member from anywhere in the world. However, it is important to remember that intelligent automation is only a tool—there is no substitute for human interaction.
Download our "AI & RPA in Fund Servicing: The Application of Artificial Intelligence (AI) to Fund Operations" whitepaper to learn more about the different ways automation can be applied to achieve greater efficiency.
