The future of automation and AI in the financial industry

The future of automation and AI in the financial industry

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Finance is one of today’s most tech-intensive industries, and with advancements in artificial intelligence and blockchain, innovation is moving at lightning speed.

Automation through AI has been of particular interest for Prudential Financial Inc. to unlock new revenue areas and improve the overall user experience.

“How you ensure that there is less bot downtime, how you have less system downtime, how you manage all those things, is very critical,” said Subhro Gupta (pictured, right) vice president of disruptive technologies at Prudential Financial. “It’s extremely important to focus on re-engineering the process before you automate, so that those things together can drive a lot of value for any automation program.”

Gupta and Tais O’Dwyer (left), vice president, global banking and financial services industry, at UiPath Inc., spoke with theCUBE industry analysts Lisa Martin and Dave Vellante at the UiPath FORWARD event, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed the marriage of generative AI, task and process mining, and end-to-end automation to revolutionize how financial institutions conduct their affairs. (* Disclosure below.)

Intelligent automation: The next financial industry frontier

In the pandemic’s wake, there’s been a complete shift in the preferred methods through which people engage and interact with their financial services providers. In turn, there’s been competition as companies rise to the occasion and embrace the sweeping digitization, according to O’Dwyer.

“The competition is pretty fierce,” she noted. “AI is everywhere now and it’s not just a buzzword. I think intelligent automation is the next big disruptor for financial services. If you think about the power that it has to understand the way that the business operates the intelligence behind how the processes are orchestrated, that kind of knowledge about an organization is super powerful.”

Generative AI especially should be viewed as an augmentation of human capabilities, she added. It serves as the “brain,” enabling employees to shed the burden of mundane tasks and concentrate on critical thinking and exercising their judgment.

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of the UiPath FORWARD event:

(* Disclosure: Prudential Financial Inc. sponsored this segment of theCUBE. Neither Prudential Financial nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE

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