Making AI a reality in banking

Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I'm going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services firms do business – particularly in areas such as trade finance and similar complex banking products. A wealth of data is generated day in, day out in the financing of international trade – from documentary credits to guarantees, loans and cross-border payments, and today there's still a huge amount of manual processing involved in managing the process. Clearly, as banks seek to reduce costs and increase efficiency, they're looking to automate as much as possible. Recent studies by Accenture have found that AI adoption could as much as double economic growth rates within the coming decades, with the potential to increase productivity by more than 50% compared to today's old fashioned and legacy IT systems. Robotic Process Automation (RPA) involves the creation of software robots that act as virtual workers who can be rapidly "trained" by business users in an intuitive manner.