For many financial institutions, digital labor poses a puzzle. The technology, which includes robotic process automation (RPA) and intelligent process automation (IPA), is clearly appealing. Many vendors dangle the possibility of new efficiencies, reduced headcount, and quick payback. But in many cases, financial institutions have picked the low-hanging fruit, so it may appear there aren’t many opportunities left for quick fixes using digital labor.
Financial institutions now should look for solutions to problems that are more complex. Digital labor can be a key part of this strategy, but you should look beyond the typical emphasis on cost cutting that has dominated so many recent discussions.