The race to digital by financial institutions is just the start of the industry’s reinvention. Far from being a one-off project with a set beginning, middle and an end, digital transformation is about building an embedded infrastructure that enables continual change and improvement.

While the hurdles faced by financial institutions are changing, the need to do the simple things more effectively while responding to change swiftly and efficiently will always be goals for the industry.

It’s increasingly clear that institutions will succeed in the years ahead by achieving more output and results with the same or fewer resources, which puts intelligent automation front and center of any transformation program.

By unifying the workforce into one collaborative entity that connects people and digital workers, financial services companies will always have the right resources to deliver the best outcomes for customers and the business.

And by reducing friction in bank processes, intelligent automation helps to re-imagine customer journeys and ensure internal workflows can course smoothly through the business. By eliminating the functional silos used by many organizations, they can promote the use of best practices and procedures across the business.

However, financial institutions – as custodians of their customers’ finances – must abide by strict regulatory frameworks and manage risk effectively. So while modern intelligent automation may enable low-code or no-code development, there can’t ever be a free for all. Financial institutions need to be able to develop processes with clear, measurable business outcomes and manage relevant governance and orchestration with clear intent.

The question that remains is how to move from tactical implementations of intelligent automation for siloed tasks towards what Forrester calls the ‘automation fabric’. Leslie Joseph, Principal Analyst with Forrester, says the automation fabric “combines digital workers and AI agents such as chatbots with process and data workflows, connected through event-based and integration-centric orchestration. The automation fabric forms a superstructure for enterprises to rethink their products, services, operations and business models.”…..

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