Automation as a Service - Overview

Goals

To provide an overview of Automation as a Service including what it is, its application in banking (where it is used and examples ),
setup requirements, and the benefits of creating "Automation as a Service" vs the drawbacks or areas to watch out for.

Early Findings

Automation as a Service (AaaS) - What It Is?

  • Process Maker defines Automation as a Service" as the process of leveraging automation processes in managing the regularly "increasing number of daily life activities, both personal and professional, and providing improved business process management."
  • It enables organizations to automate business processes by "capturing and interpreting data from existing applications and also by shifting from slow manual processes to reliable, fast automation across the organization in a matter of hours or even minutes."
  • AaaS is said to create more time for users to focus on more pressing challenges and concerns.
  • According to the source, the AaaS age is driven by the growth in the number of Internet of Things (IoT) devices and will further allow people to automate more tasks.
  • In general, "Automation-as-a-Service is also being combined with Robotic Process Automation (RPA) and Business Process Automation (BPA), allowing companies to greatly improve how business processes are managed, solved, and delivered."
  • The Automation-as-a-Service market is expected to reach $6.23 billion by 2022.

Benefits of AaaS

Benefits of AaaS in Banking

  • Some benefits of AaaS in the banking sector include;
    • Speed Up ACH bank processing: Most important, automation will speed up ACH payment processing time. Not only can this remove much of the manual burden of processing ACH, but it can also deal with exception handling and reduce errors.
    • Streamline mortgage and other loan processing: Automation can relieve employees' burden for time-intensive mortgage and other loan processing tasks.
    • Enforce efficient workflows: With workflows fully documented and handled by computers, they are naturally enforced in a much more reliable way.
    • Improve the customer experience: Today's bank customers expect fast, online, and error-free banking experience and automated tools can deliver.

Proposed next steps:

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