Gartner and multiple industry analyst groups have been tracking the growth of RPA within asset management financial institutions with legacy infrastructures and citing RPA specific developers like UiPath, Blue Prism, or Automation Anywhere as the enablers within this space. HOWEVER, many incumbent vendors have been quietly integrating RPA technology into their existing software to provide existing customers with the same type of technology advantage.
We see this as a major trend in 2020 as the focus shifts to RPA capabilities within existing systems: existing vendors will be challenged by their customers to offer the same type of technology as RPA specific providers. The advantage to a customer lies with being able to more quickly realize the power of RPA within an existing install, thereby circumventing lengthy integration exercises.
Within the asset management space RPA continues to be leveraged for a broad range of functions including invoice forecasting (rules based forecasting can link to trade processing and reconciliations); Data and information for internal or external audiences; multiple fund administration tasks, including expenses, tax and Blue Sky; and of course trade processing, which can be automated to respond to exception criteria.
Delta Data has taken the approach of implementing cognitive process automation into our core applications, focusing on the reduced touch by an operator. The care and feeding tasks of complex applications are ripe for this type of automation. For example, data submitted to the application required a human to classify the document and define where the output was going. Through AI and process automation, these documents are automatically classified and routed to the appropriate destination for processing, allowing the operator to ‘fire and forget’, moving on to more complex tasks.
Whitfield Athey is CEO of Delta Data Software. His role at Delta Data is focused on growth of the product base, satisfaction of clients and scalability of the organization.