13 марта 2019 г.

In pursuit of cutting costs and getting ahead of competition, leading companies across the world are already introducing automation processes. Robots are used across various industries, including finance, of course, as the executives seek to improve customer service, risk management, boost productivity and even certain decision-making processes.

In the fourth event of the fintech series between CFA Association Russia and the German management consulting firm Horvath & Partners, Christian Barte, the company’s principal, focused on the use of Robotic Process Automation (RPA) in the financial services. The business breakfast took place on March 12 at the StartTrack office, a Russian crowdfunding investment platform.

RPA is most commonly referred to as the use of software to do the tasks performed by human employees. The objective is to automate repetitive and rule-based processes, which rely on structured data. According to a survey conducted by Christian and his colleagues, RPA is applicable to over 60 percent of all process activities across companies in Western Europe.

In the financial sector, CFOs are seeking to improve the efficiency of their work through the use of digital tools and automation of some repetitive tasks.

“The majority of CFOs [60 percent] are planning to implement advanced analytics as decision support tools,” said Christian, adding that 18 percent have already initiated appropriate actions.

The improvement of Predictive Forecasting techniques is another “hot” trend among CFOs, as 57 percent said they were planning to work on this, the speaker revealed during the presentation.

In the coming years with the exponential development of technologies, a new era of robotics is on its way. The majority of companies surveyed plan to use RPA tools, such as cognitive automation or digital assistants within the next few years.

In a more long-term period, we are looking at complex systems, which through the use of Deep Learning would be able to independently make decisions and initiate processes. They may almost entirely automate key functions and even decision-making processes in companies.

To learn more about the topic watch a full video of the presentation available for free to all CFA Russia members and everyone who registered to the event. If you are interested in joining the local society and get full access to videos from all the previous events, please feel free to contact CFA Association Russia at office@cfarussia.ru.


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