The story of automation in financial services is one told with heavy hype.
Reportedly driver technologies of the fourth industrial revolution, the buzzwords artificial intelligence, machine learning and robotic process automation (RPA) have seen an explosion in growth and investment, according to Guy Kirkwood of automation specialists, UIPath, which recently closed a $400m funding round and is as of today valued at $3bn.
“Three years ago no one knew what RPA stood for,” said Kirkwood. “The hype in the market is just incredible, but Phil Fersht, chief analyst of FSH, says the hype is fully justified based on the growth in the market and a realisation among businesses that they have to automate,” said Kirkwood.
But three years is a short amount of time for a technology to mature and find its killer use case within financial services and that’s before various myths are dispelled.
Listen to the podcast now, in which Kirkwood outlines the current uses of RPA, as well as his six predictions for 2019.