Semantic Automation: Leveling Up Automation to Save Costs in Financial Services

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It’s considered the future of business process automation, and the banking industry is paying attention to how semantic automation can benefit the bottom line. Semantic automation, as a component of artificial intelligence, has a growing role to play in financial services. It’s the enhanced ability to understand high-level abstractions and relationships between data points. It includes the processing of unstructured data-expanding automation capa bilities and impact. It speeds up ROI by reducing the amount of coding required to automate workflows, and in turn, enables faster digital transformation.

The world of work in financial services is changing fast, driven by smarter technologies that are helping organizations reimagine how tasks and processes are carried out. SS&C Blue Prism undertook global research with 550 financial services professionals to uncover where progress has already been made, how work models are changing and how change is predicted to continue in the future. According to our research, financial services institutions that have invested in intelligent automation report significant increases in their productivity rates, an improvement in agility and resilience, and higher accuracy and speed in areas like compliance, together with an improved customer service experience. Of the people surveyed, 87% said they had seen digital acceleration in some shape or form.