"In the next 15 years, it's likely that 45 percent, and maybe up to 75 percent, of existing offshore jobs in the financial services sector will be performed by robots, or more precisely, robotic process automation (RPA)," stated Cliff Justice, KPMG LLP (KPMG) Advisory principal. "That should translate into enormous costs savings of up to 75 percent for firms that get on board."
And the potential benefits don't stop there. "Success in today's complex global financial markets requires unprecedented levels of speed, accuracy, and cost efficiency beyond what a human workforce can provide," observed Bill Cline, KPMG Advisory principal. "That's why firms in the financial services markets are increasingly turning to RPA and artificial intelligence (AI)-driven cognitive automation to transform their businesses."
As technology improves, robots will be able to do more sophisticated tasks faster and more efficiently than human workers. "Businesses that don't start taking steps now to integrate robotics and cognitive automation into their operations will not only find themselves at a huge disadvantage, they likely will be as obsolete as the employees that the robots have replaced," said Justice.
Powerful words... provocative predictions… In this paper, we take a look at what's behind these bold forecasts. We also explore some of the benefits that robots and AI/cognitive automation technology holds, including the ability to digest and analyze huge amounts of data. Finally, we present nine factors you should consider before implementing an RPA strategy. We strongly believe that robotic and cognitive automation is the wave of the future for global capital markets and financial services firms. It's crucial that you explore what you can do today to position yourself for success tomorrow.
For more information, download the full report below.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. This article represents the views of the authors only, and do not necessarily represent the views or professional advice of KPMG.