The financial services sector has been an eager adopter of robotic process automation (RPA): by one estimate, it accounts for 29% of the RPA market, more than any other sector. So it stands to reason that the industry is an early adopter of intelligent automation, the combination of RPA with AI. "Financial services [institutions] have always been among of the top adopters of intelligent automation," says Sarah Burnett, industry analyst and evangelist at process mining vendor KYP.ai. Financial institutions have adopted a range of use cases for intelligent automation, from simple integrations of cognitive services into RPA systems to, in a few cases, AI-powered decision making. As such, they have also encountered the security risks and governance challenges that arise from intelligent automation sooner than most. Intelligent automation is a broad term, representing a range of possibilities for integrating AI and machine learning into process automation.

CHICAGO -- Grant Thornton LLP is collaborating with Microsoft and Hitachi Solutions to turn information into foresight. The collaboration uses artificial intelligence (AI) and machine learning (ML) to help Grant Thornton identify its clients' nascent business needs. Grant Thornton can then design solutions to address its clients' challenges before they balloon. As one of the nation's largest accounting, tax and consulting firms, Grant Thornton works with clients to overcome all manner of hurdles, from financial and operational to technological and risk-related. "We focus on staying ahead of our clients' needs," explains Nichole Jordan, Grant Thornton's national managing partner of Markets, Clients and Industry.

CFOs are planning to implement advanced technologies, including artificial intelligence, drones, robots and blockchain, at a rapid rate, according to a new survey by Grant Thornton. For the study, GT and CFO Research polled 378 senior finance executives about the ways technology is transforming nearly every division in their organization, especially the finance function. One out of four of the respondents said they use AI, compared to just 7 percent last year. Significant proportions of senior financial execs are currently implementing advanced analytics (38 percent) and machine learning (30 percent). Within two years, senior financial execs plan to roll out a battery of new technology, such as AI (41 percent), blockchain (40 percent), robotic process automation (41 percent) and drones and robots (30 percent), at their organization.

This article is from today's FT Opinion email. Sign up to receive a daily digest of the big issues straight to your inbox. The giant US retailer Sears, the "everything store", offers a cautionary tale about how companies across the sector have failed to keep ahead of their customers' needs and shopping behaviour. For Andrew Edgecliffe-Johnson, who explores the company's bankruptcy filing in a column this week, it is not just a sad tale of a once-great American business fallen on hard times. The demise of the "19th-century offline Amazon", as Andrew describes it, is a warning to those other companies who have failed to come up with adequate strategies in response to the online retail threat.

ISELIN, N.J. -- JT Kostman, Ph.D., an internationally recognized leader in cognitive computing, applied artificial intelligence, and data strategy, has joined Grant Thornton LLP as managing director of applied artificial intelligence. In this new role, Kostman will lead the development and delivery of artificial intelligence, machine learning, IoT, blockchain, and advanced analytic solutions and services for the firm and Grant Thornton clients. He will be based in the firm's Iselin, N.J., office and will report into National Managing Principal of Innovation Kevin Baril. Kostman is a data scientist, mathematician and psychologist renowned for his expertise in applied artificial intelligence and cognitive computing. He boasts an impressive pedigree – having served as chief data officer and a member of the executive committee for Time Inc., chief data scientist for Samsung, and chief data scientist and big data psychologist for Aptus Insights.

The majority of CFOs are increasing investment in their companies' efforts to spur change through new technology, according to a new survey. The survey of more than 300 CFOs and financial leaders by Grant Thornton and CFO Research found that 69 percent plan to increase their investment in technologies that speed business change. In addition, four out of 10 of the financial leaders polled plan an increase of more than 10 percent in the next 12 months. Competition is the main factor behind the spending, with 41 percent of the survey respondents saying their companies' digital-transformation investments are intended to help them overtake their competition through differentiation. "While investment strategies for digital transformation have traditionally been influenced by an organization's desire to improve operational performance and reduce costs, respondents have shown that future investment strategies will shift to more strategic opportunities – chief among these being improving the customer experience," said Srikant Sastry, national managing principal of advisory services at Grant Thornton, in a statement.