ABSTRACT
Technology has moved from assisting the banking enterprise to powering the banking enterprise, thereby causing disruptions in the way a bank functions. Banking industry processes are highly conducive to adoption of robotic process automation. Examples of processes that can be automated are reconciliation, reporting, and repeatable processes that have highly frequent data entry needs. Smart, intelligent, and autonomous banking is being driven by the adoption of Intelligent Virtual Agents and robo-advisors by the financial enterprise as well as the increasing adoption of digital personal assistants by customers. This chapter discusses the common functionality related to wealth management, merchant banking, wholesale banking, retail banking, and so on move to the cloud or be available on a SaaS model. It suggests that by 2020, the customers will be developing and designing the banking products on their own and the same will be either crowd-approved or sourced before actual launch to larger customers by the bank.
