The pressure to keep pace with the ever-changing dynamics of the financial markets has led to the adoption of innovative solutions. One such solution that is seeing accelerated uptake within the industry is the move towards digital automation. Financial institutions (FIs), in particular, are mobilizing and taking steps to enhance digital customer journeys and transform risk/regulatory processes to achieve greater efficiencies while reducing costs.
Previously, investments in technology were largely made to support improvements in the front office space to drive growth, while the middle and back office (mid-back office) barely saw any enhancements to its labor-intensive, paper shuffling processes, thus creating operational inefficiencies. This has led to increased operational risk forcing firms to re-evaluate their legacy mid-back office ecosystem and look towards disruptive low-cost technologies like robotic process automation (RPA), artificial intelligence and machine learning, collectively called ‘intelligent automation (IA)’ for solutions.
In this whitepaper, we will explore the challenges in today’s trade lifecycle process and how the implementation of IA is transforming and streamlining this industry.