ROBOTIC PROCESS AUTOMATION IN MODERN DAY BANKING

The spectrum of automation expands from simple rule-based automation to advanced cognitive and artificial intelligence automation.

- Hitesh Singh

The ability of the tool/solution to automate depends on three factors which are as follows:

1. The type of input it can read, 2. The amount of data it can process, and 3. the nature of output it can generate.

Typically, as the variability of the input increases, the amount of data to be processed multiplies and the output moves from being deterministic to predictive, i.e., the solution moves from Robotics Process Automation to Intelligent Automation to Cognitive Intelligence and then to AI on the spectrum.

Robotics Process Automation (often referred to as 'RPA') sits at one end of this spectrum.

Robotic Process Automation - Mimics Human Actions

o Used for rules based, simple to complex processes o Faster handling time o Higher volumes o Reduced errors & costs. E.g., UIPath, Automation Anywhere.

Intelligent Automation - Mimics Human Judgement

o Used for Judgement Based processes o Machine Learning capability o Interprets Human Behavior. E.g., Workfusion, Ayasdi.

Cognitive Intelligence - Augments Human Intelligence

o Used for predictable decision-making o Dynamically self adaptable and managing. E.g., SIRI, Google Self driving car project.

Artificial Intelligence - Mimics Human Intelligence

o Acquires human like thought and decision making capabilities. E.g, HAL 9000.

Since Cognitive Automation is still in early stages, companies are focusing on RPA for Mainstream Automation

Robotic Process Automation(RPA)