Finance
Unlocking the Power of Hyperautomation in Finance
T
he pandemic has been a catalytic moment for busiThe key to success is actionable integrated data. Fragmented nesses when it comes to digital transformation, esdata and isolated systems are the enemy of hyperautomation, pecially for financial services. Volatility has been one and data lake technologies don’t put the data that they hold inof the defining features of the finance sector over the to the hands of your employees in the workflow. The ability to last 18 months. To navigate the challenges of such a rapidly integrate rapidly to modern and old systems, bringing together changing consumer landscape, companies have had to utilise process-related data into one place where intelligent automathe right digital solutions to remain tion technologies can be effectively competitive. applied is the key to delivering acIT leaders must therefore recognise tionable automated workflows and that hyperautomation is crucial to When financial services look to acsuccessful outcomes. Too many celerate their digital transformation financial services organisations achieving business outcomes. It plans in a post-COVID world, they continue to deploy a ‘sticking plasempowers people and businesses must quickly recognise the importer, hybrid-technology approach’ to to delegate the authority of decision tance of hyperautomation and the achieve their automation goals, inbenefits it provides. In April, Gartner advertently creating yet more techmaking to intelligent applications, predicted that the worldwide market nical debt and islands of data. physical robots and software service for technology that enables hyperautomation will reach $596.6 bilDelivering intelligent automation assistants. Once technology that lion in 2022. Hyperautomation is no enables hyperautomation has been The financial services industry is longer a choice, rather a condition of full of complex processes, transimplemented then financial services survival. actions and payments connecting organisations will begin to enjoy Defining hyperautomation customers, buyers, traders, regtangible benefits. ulators and other stakeholders. Hyperautomation brings togethAutomation is crucial for firms to er capabilities including machine deliver a seamless customer expelearning, process mining, RPA, API integration and intelligent rience, but legacy systems complexity often leaves high levels workflow orchestration to replace high levels of complexity with of human-dependent process management, while tradition80%+ automation of the delivery of services to customers. al business process management technologies, RPA and low 16
