Daily Archives: August 18, 2021

By Andrew Davies, Vice President, Global Market Strategy, Financial Crime Risk Management, Fiserv

Regulatory standards play an important role in safeguarding consumers, financial institutions and the global financial industry. As regulatory scrutiny in areas such as anti-money laundering (AML) and Counter-Terrorism Financing (CTF) continues to grow, so does the opportunity to streamline and enhance compliance efforts to tackle financial crime more efficiently and effectively.

In a notable example, financial institutions are turning to automated solutions, specifically robotic process automation (RPA), to perform routine compliance tasks quickly and accurately in a cost-effective manner. RPA can be configured to fully automate high-volume tasks like data entry and transaction processing, or even partially automate AML compliance processes such as suspicious activity investigation, customer onboarding, and client screening, to reduce workloads for employees. This capacity to optimise data generation and interpretation while streamlining compliance has made RPA a particularly desirable tool for financial institutions regulatory departments.

Opportunities for automation

There are several processes related to AML compliance that are particularly suited to automation. First among these is the identification of suspicious activity via transaction monitoring. Transaction monitoring is a perfect candidate for RPA because it involves standardised and repetitive tasks. When a transaction is identified as suspicious an alert is generated for analyst investigation. As RPA cannot completely replace analyst knowledge, its purpose is to optimize the workload of human analysts by lowering the number of false positives they must investigate, allowing them to more efficiently identify actual fraud.

During customer onboarding, automated solutions can be utilized as part of Know Your Customer (KYC) document gathering and validation processes. The automation of customer onboarding can take dierent forms, from automated document capture to automated identity verication. RPA can be used to collate data from disparate internal systems or from external sources such as regulatory agencies and open databases, including company registers used to identify benecial owners.

Finally, for client screening, rms are using RPA in Open Source Intelligence (OSINT) research. In this application, robots automatically navigate and collect live data from any website, in multiple languages, in the present moment as well as into the future as sources change. RPA can nd content hidden within the deep web and navigate complex menu structures, using dierent crawl techniques to access the volume of sites needed during early investigative work and then to pinpoint the precise information required as this work proceeds.

RPA is worth the investment

Crime monitoring and screening processes traditionally require employees to compile and evaluate large and unstructured datasets. RPA is flexible, straightforward to implement, and can be designed by regulatory departments to follow specific logic parameters to analyse and interpret this data quickly. RPA also enables internal control of these processes, as bots actions are saved in log files that can be accessed and reviewed by the institution at any time.

The speed, accuracy, and efficiency with which RPA can be used to gather and aggregate data from different sources can increase the effectiveness of regulatory and risk reporting. A successful deployment of RPA can also free up employees to direct their expertise towards analysis-based tasks, such as judgement-based monitoring and higher value reporting. Furthermore, RPA technology is not limited to large institutions. Its scalable nature enables adaptation to business environments of different sizes and dynamics, helping institutions prepare for regulatory audits with less employee input required.

Automated solutions reduce the need for repetitive, deterministic, and manual tasks, presenting clear benefits. Observing this, many financial institutions are already seeking to enhance those benefits by combining RPA with more advanced machine learning (ML) technologies, such as intelligent automation (IA). This will result in further simplified interactions, an increase of speed, and the enablement of better enforcement of regulation.

IA bots offer an elevated level of process accuracy and speed by eliminating the need for error-prone manual data entry. They can centralise reporting data into an institutions desired format, increasing auditability and significantly decreasing time and resources expended by compliance teams.

Combatting challenges ahead

Although the benefits of automated AML solutions are clear, widespread implementation will require financial institutions to address a few challenges.

Documentation of infrastructure and standards for existing manual compliance processes must be thorough in order to identify suitable opportunities for automation. Many financial institutions may lack this information and would therefore need to expend more human resources gathering requirements before the automation implementation process can begin.

Successful integration of RPA and IA involves a cultural shift in favour of automation. Financial institutions often overlook robotics as a long-term solution for compliance, instead viewing it as a tactical quick fix for specific issues. Further, a lack of understanding amongst senior executives on how these systems work and the benefits attached can make permanently adopting automation a complex, time-consuming, and difficult process.

RPA and IA integration could cause friction within a financial institution among employees, management, and human resources. Automation goes hand-in-hand with vigilance and scrutiny on the part of employees, and detecting and solving technical problems requires thorough training on human-robot collaboration. Without training and a corresponding willingness to adapt, small issues can materialise into delays and service interruptions which counter the original goals of automation.

Its important to note that RPA is unlikely to fully replace underlying business systems or existing jobs. Instead, automation allows organisations to concentrate employees time and capabilities towards higher value-added and more investigative tasks.

The role of the regulators

Regulators are increasingly showing measured but encouraging approval for automated solutions, recognising the potential improvements that recent innovation can bring to compliance processes. Regulators themselves are implementing RPA to bolster compliance via enhanced monitoring and analysis of potentially suspicious transactions. Despite this affirmation, ambiguity and distrust over the utility of IA and RPA persist, potentially illuminating a need for industry-wide updates and clarification as these technologies continue to emerge.

The lasting importance of the role AML departments play within financial institutions to protect risk and reputational damage cannot be understated. Given Bank of England Governor Andrew Baileys 2020 endorsement of innovation in the financial sector, robotic technologies like RPA and intelligent automation (IA) may represent a powerful solution to modern AML legislation and the cost of AML compliance.

The UKs Financial Conduct Authority (FCA) also noted the importance of automation in a 2019 speech by its Executive Director of Strategy and Competition, Christopher Woolard, entitled The Future of Regulation. Mr Woolard recognised that innovation had gathered pace in the regulatory sphere, underlined that automation had the capacity to bridge the gap between customers and providers, and said that it was, therefore, of utmost importance for regulators to adapt to the times, including by digitising many of their analogue processes.

Future-oriented solutions

Adopting automated technologies like RPA and IA to combat crime has the potential to generate exponential value for financial institutions. The benefits of reduced time spent on manual repetitive tasks, enhanced efficiency and accuracy of data processing, and automatic monitoring of suspicious activity, demonstrate how automated solutions can help financial institutions tackle financial crime more effectively in a properly regulated environment. With clear-cut, coherent regulatory guidelines, as well as appropriate internal culture and governance within financial institutions, RPA and IA can lead to a more efficient industry altogether.

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Streamlining AML with Automated Solutions - International Banker

The Casia Long Range Detect-and-Avoid system can be used on the UAS BVLOS flight. (Iris Automation)

Iris Automation and UAV Navigation are integrating their autopilot and detect and avoid (DAA) system to allow unmanned aircraft to find uncooperative aircraft in their airspace and autonomously take action to avoid them, according to an Aug. 16 press release.

UAV Navigation will use Iris Automations Casia DAA software in its VECTOR autopilot systems to enable these operations, according to the release.

"The pace of innovation around autonomous aerial vehicles is rapid as the industry recognizes the potential for creating value, Carlos Lzaro, Head of the Commercial Department at UAV Navigation, said in a statement. Integrating Iris Automation's Casia detect and avoid technology into our VECTOR autopilot is another important step in the safety of autonomous flights for commercial operations. Our customers can now automatically command the drone to perform appropriate avoidance maneuvers, resuming their original flightpath once completed."

Iris Automation recently updated its Casia software to improve performance, track fusion, and flight data uploads. Casia uses computer vision and artificial intelligence to enable beyond visual line of sight (BVLOS) flight. It has previously been used by the U.S. Federal Aviation Administration and Transport Canada.

"Partnering with UAV Navigation brings together two significant breakthroughs in safe, autonomous flight. Integrating autopilot systems with true detect and avoid, inclusive of uncooperative aircraft, is critical to enabling commercial operations at scale, James Howard, co-founder and VP of Technology and Innovation at Iris Automation, said in a statement. Given the wide deployment of UAV Navigation's autopilot solution this is major progress in opening up the skies."

VECTOR autopilots from UAV navigation allow aircraft to fly autonomously even in the case of lost remote-control datalinks. They can be used in rotary-wing and fixed-wing drones and VTOL aircraft.

Link:

Iris Automation and UAV Navigation Partner for Drone DAA and Autopilot System - Aviation Today

AUSTIN, Texas, Aug. 18, 2021 /PRNewswire-PRWeb/ -- BP3 Global, an Austin, Texas based provider of automation services and solutions, today announced that it has acquired Agilify, an Indianapolis, Indiana based intelligent automation solution provider that delivers commercially proven advisory and technology services to help organizations realize the promise of intelligent automation faster and better.

BP3 CEO Scott Francis: "Agilify's team and methodology delivers the gold standard in Intelligent Automation programs and solutions. We're going to leverage the 'Agilify Way' across our practice. At the same time, BP3 brings so much expertise and capability to deliver customer success. I know we will go faster, farther, together."

The acquisition of Agilify adds an award-winning practitioner team to BP3's existing intelligent automation business. Currently, Agilify has distinguished itself as an intelligent automation pure play that has successfully implemented and scaled automation programs for many large scale organizations. Not only does Agilify offer the skillset to build and implement high quality automations, but the consulting ability to strategize the right automation program and develop organizational readiness to ensure the automation program impacts key business objectives.

Agilify CEO Doug Thompson: "This is an exciting time for Agilify. From our very first meeting, both our cultural and technical fit were obvious. BP3's global footprint, our joint obsession with superior solution delivery, and our complimentary services will provide increased value for our collective customers."

BP3 CEO Scott Francis is focused on the value the acquisition will provide to customers. "Adding Agilify's team is a great cultural fit for BP3. We share values and knowledge in the Intelligent Automation industry. This great team will enhance our ability to deliver exceptional advisory, implementation, licensing, and training services."

About BP3:

BP3 gives people faster ways to get things done. We streamline and automate the processes that drive everything from customer experience to employee productivity. To create more successful and lasting efficiencies BP3 brings more focus, more foresight, and more follow-up to every project. It is how we have achieved an unprecedented 99.9% success rate, and why some of the worlds more respected brands such as Charter Communications, Keller Williams, and Eli Lilly rely on BP3.

About Agilify:

Agilify helps organizations to identify, prioritize, implement, and scale enterprise-wide Intelligent Automation (IA) solutions. Our end-to-end approach delivers automation advisory and technology services to enable organizations to realize the promise of automation, faster and better.

Through strategic partnerships with leading automation technology makers, we deliver significant business outcomes around efficiency, innovation, and human empowerment that include lower costs, higher quality (speed, accuracy), and improved experiences for customers and employees alike.

Media Contact

Krista White, BP3 Global, +1 (512) 600-3239 Ext: 248, kwhite@bp-3.com

Krista White, BP3 Global Inc, kwhite@bp-3.com

Twitter, Facebook

SOURCE BP3 Global

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BP3 Global Acquires Agilify to Extend Automation Capabilities - inForney.com

The world is being automated.

Thats just an inevitable byproduct of technological advancement. As technology gets better and better, it eventually reaches a point where it surpasses humans at certain tasks. When that happens, companies start using the technology in place of the human, because a technology is cheaper and faster.

Automation is a natural part of the technological evolution.

Cars are being automated. Call centers are being automated. Delivery services are being automated. Software development is being automated.

Welcome, folks, to the Automation Economy.

In the Automation Economy, eventually and inevitably, almost all mundane and repetitive tasks will be automated.

One such vertical of this automated-everything megatrend that Im super excited about is the seismic shift toward automated warehouses.

Heres the story:

Everyone is shopping online now. This shift in consumer shopping preferences has sparked an equally large shift in fulfillment processes.

Long ago, when consumers went to stores and bought things, fulfillment was done in stores. Today, consumers sit at home and expect a package to be delivered to their doorstep that same day. And fulfillment is now done in warehouses and it needs to be done rapidly.

This shift in fulfillment has put an increased burden on the logistics market. Ultimately, it has highlighted the shortcomings of the decades-old, incumbent fulfillment process wherein people package, sort, and fulfill orders in antiquated warehouses.

Humans are slow. Theyre error-prone. And they need to be paid. Not to mention, there is a huge labor shortage in the economy right now.

Thus, human-driven fulfillment is slow, error-prone, and expensive.

Whats the fix? Automate warehouses. Replace humans with AI-powered robots that are fast, flawless, and cheap.

This is already happening. Amazon acquired robotics company Kiva Systems back in 2012. Even since, the company has spent an arm and a leg to automate warehouses. Today, Amazon has over 200,000 robots in service, and fully automated warehouses that fulfill orders rapidly, perfectly, and cheaply.

The results speak for themselves.

How else do you think Amazon offers same-day delivery and beats everyone else in the delivery space? How else do you think Amazon makes that delivery free?

Its all thanks to Amazons automated warehouses.

Now, everyone else like Walmart, Target, and Home Depot needs to play catch up and automate their own warehouses else theyre risk being completely dominated by Amazon.

But heres the problem: Only 5% of warehouses are currently automated, and over 90% of picking is currently done manually.

In other words, everyone not named Amazon in the logistics and retail worlds needs to invest a lot of money into automating their warehouses over the next decade.

The result? A boom in demand for automated warehouse technology.

This boom will not be small. Annual warehouse labor spending in the U.S. measures more than $230 billion. Throw in another $50 billion for automated material handling equipment (like forklifts), and youre talking about a $280-plus BILLION revolution here

And one small company that no one is talking about today is at the epicenter of this boom.

You see, there are two ways to automate warehouses.

The first way is to build entirely new, robot-friendly warehouses from the ground up.

This is a technologically easier way to automate warehouses (since you are building a new, controlled, and homogenous environment that the robots in these warehouses dont have to learn). But its economically more expensive, since building these warehouses is very expensive and requires that you essentially demolish your old warehouses.

This is what Amazon is doing. It is building completely new, fully automated warehouses.

The second way is to integrate AI-powered robotics solutions into existing warehouses.

This is a technologically harder way to automate warehouses (since warehouses are non-homogenous, and therefore, these robots must be capable of advanced learning and adjusting to any warehouse). But its also a much cheaper method since you dont have to build new warehouses or get rid of your existing warehouses.

This is what most companies will end up doing.

Thats because the giants in this space Walmart, Target, FedEx, TJX, etc. collectively have thousands of warehouses, strategically located across the world. Demolishing and rebuilding each of those would be far too expensive. So, instead, they will integrate AI-powered robotics solutions into their existing supply chain.

Thats technologically a very hard problem so hard, indeed, that it appears only one company has cracked the nut

Which company, you ask? Well, Im going to reveal more about how to access this company on Wednesday, Aug. 18 at 7 p.m. ET, at my 1 to 30 Wealth Summit. I encourage you to take a moment to reserve your seat here.

This is an automated tech startup that I think could easily soar at least 30X from current levels, which is why Ive included it in my new portfolio designed exclusively for my 1 to 30 Wealth Summit.

This portfolio also includes six other hypergrowth technology stocks representing the next generation of tech stock super winners each of which I feel has at least 30X upside potential.

Yes, Im talking about a portfolio crammed from peak to trough with the next Tesla, the next Amazon, the next Facebook, and the next wave of tech superpowers.

Buying them today could change your life forever.

And I want to give you the opportunity to do just that on Wednesday night at 7 p.m. ET.

Dont forget to sign up here (its completely free and painless) and to mark your calendars afterward. This will be an event to remember for the ages! I hope to see you there.

P.S. Tomorrow is the big day, folks! But before the event begins, Ill send you one more essay to complete our macro look into the small innovators powering the massive technological revolutions of our modern world.

In tomorrows essay, we look at the key to kickstarting the 3D Printing Revolution and unlocking the enormous potential of 3D printers. I believe that cost- and time-effective metal 3D printers will become commonplace in every factory in the world. And theres one stock in particular that will benefit in a big way.

This company rounds out my list of seven stocks making up my 1 to 30 Wealth Summit portfolio, and its just a taste of what you can expect on Wednesday.

If youre not signed up yet, I encourage you to take a minute to sign up here.

See you Wednesday!

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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Invest in the Future of Everything With the Burgeoning Automation Economy - InvestorPlace

Dublin, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The "Building automation systems Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.

The report on the global building automation systems market provides qualitative and quantitative analysis for the period from 2019 to 2027. The report predicts the global building automation systems market to grow with a CAGR of 7.4% over the forecast period from 2021-2027. The study on building automation systems market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2019 to 2027.

The report on building automation systems market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global building automation systems market over the period of 2019 to 2027. Moreover, the report is a collective presentation of primary and secondary research findings.

Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global building automation systems market over the period of 2019 to 2027. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.

Report Findings

1) Drivers

2) Restraints

3) Opportunities

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the building automation systems market.

2. Complete coverage of all the segments in the building automation systems market to analyze the trends, developments in the global market and forecast of market size up to 2027.

3. Comprehensive analysis of the companies operating in the global building automation systems market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

Key Topics Covered:

1. Preface

2. Executive Summary

3. Global Building Automation Systems Market Overview3.1. Introduction3.2. Market Dynamics3.2.1. Drivers3.2.2. Restraints3.2.3. Opportunities3.3. Analysis of COVID-19 impact on the Building Automation Systems Market3.4. Porter's Five Forces Analysis3.5. Growth Matrix Analysis3.5.1. Growth Matrix Analysis by Offering3.5.2. Growth Matrix Analysis by Application3.5.3. Growth Matrix Analysis by Communication Technology3.5.4. Growth Matrix Analysis by Region3.6. Value Chain Analysis of Building Automation Systems Market

4. Building Automation Systems Market Macro Indicator Analysis

5. Global Building Automation Systems Market by Offering5.1. Facility Management Systems5.2. Security and Access Controls5.3. Fire Protection Systems5.4. Building Energy Management Software5.5. BAS Services5.6. Others

6. Global Building Automation Systems Market by Application6.1. Residential6.2. Commercial6.3. Office Buildings6.4. Retail and Public Assembly Buildings6.5. Hospitals and Healthcare Facilities6.6. Airports and Railway Stations6.7. Industrial

7. Global Building Automation Systems Market by Communication Technology7.1. Wired Technology7.2. Wireless Technology

8. Global Building Automation Systems Market by Region 2021-20278.1. North America8.1.1. North America Building Automation Systems Market by Offering8.1.2. North America Building Automation Systems Market by Application8.1.3. North America Building Automation Systems Market by Communication Technology8.1.4. North America Building Automation Systems Market by Country8.2. Europe8.2.1. Europe Building Automation Systems Market by Offering8.2.2. Europe Building Automation Systems Market by Application8.2.3. Europe Building Automation Systems Market by Communication Technology8.2.4. Europe Building Automation Systems Market by Country8.3. Asia-Pacific8.3.1. Asia-Pacific Building Automation Systems Market by Offering8.3.2. Asia-Pacific Building Automation Systems Market by Application8.3.3. Asia-Pacific Building Automation Systems Market by Communication Technology8.3.4. Asia-Pacific Building Automation Systems Market by Country8.4. RoW8.4.1. RoW Building Automation Systems Market by Offering8.4.2. RoW Building Automation Systems Market by Application8.4.3. RoW Building Automation Systems Market by Communication Technology8.4.4. RoW Building Automation Systems Market by Sub-region

9. Company Profiles and Competitive Landscape9.1. Competitive Landscape in the Global Building Automation Systems Market9.2. Companies Profiled9.2.1. JOHNSON CONTROLS9.2.2. HONEYWELL INTERNATIONAL9.2.3. SIEMENS AG9.2.4. SCHNEIDER ELECTRIC SE9.2.5. ROBERT BOSCH GmBH9.2.6. LEGRAND9.2.7. ABB Ltd9.2.8. HUBBELL Inc9.2.9. United Technologies Corporation9.2.10. Mitsubishi Electric Corporation

For more information about this report visit https://www.researchandmarkets.com/r/3nysfe

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Worldwide Building Automation Systems Industry to 2027 - Featuring Johnson Controls, Siemens and ABB Among Others - GlobeNewswire

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The pandemic has spurred an increase in the use of automation, with a third of enterprises reporting they have employed automated processes in five or more departments during the past year up from 15% in 2020. Thats according to Workatos inaugural Work Automation Index, which was released today and drew on nearly 700 mid-sized to large enterprises using Workatos workflow automation platform.

Enterprise automation experienced a rapid surge in adoption this past year no surprise, as business leaders closely examined where they could be more efficient in their operations and support remote teams amid a global pandemic, Workato CIO Carter Busse said in a press release.

The Work Automation Index, which looked at enterprises with between $50 million and over $2 billion in revenue from April 2019 to March 2021, found pronounced automation expansion in specific lines of business. For example, customer support automation saw the biggest uptick of any department (over 290% year-over-year), with automation of return and refund processing experiencing 476% growth from the pre-pandemic period.

During the pandemic, enterprises turned to automation to scale up their operations while freeing customer service reps to handle challenging workloads.According to Canam Research, 78% of contact centers in the U.S. now intend to deploy AI in the next three years. And research from The Harris Poll indicates that 46% of customer interactions are already automated, with the number expected to reach 59% by 2023.

Chatbot usage in particular exploded during the pandemic as organizations looked to bridge gaps in customer service and onboarding. In 2020, the chatbot market was valued at $17.17 billion, and it is projected to reach $102.29 billion by 2026, accordingto Mordor Intelligence. There was also a 67%increasein chatbot usage between 2018 and 2020. And Gartnerpredicts that by 2022, 70% of customer interactions will involve emerging technologies such as chatbots an increase of 15% from 2018.

Finance automation was another growing priority for enterprises over the past year, Workato found, with the volume of automated processes across the finance sector increasing by 199% almost threefold. At the same time, data pipeline automation i.e., automation of pipelines connecting business apps with cloud data warehouses surged by 152% as companies embraced digital transformation. But recruitment saw the highest automation expansion of any single process at 547%, reflecting the digital shift of employee hiring, onboarding, and offboarding.

Security and compliance automation grew by 171%, meanwhile, reflecting the broader industry trend. Known as an autonomous response, defensive AI-powered security automation can interrupt attacks without affecting day-to-day business. According to a recent Darktracereport, 44% of executives are assessing AI-enabled security systems and 38% are deploying autonomous response technology. In a 2019 analysis, Statista reported that around 80% of executives in the telecommunications industry believe their organization wouldnt be able to respond to cyberattacks without AI.

Overall, the Workato report reinforced the notion that the number of industries automation touches is still growing. A Deloitte report predicts the technology will achieve near-universal adoption within five years. And Gartner estimates that organizations can lower operational costs 30% by combining automation technologies like robotic process automation (RPA) with redesigned operational processes by 2024.

Automation was a key driver in departments we anticipated, like IT and finance, but also provided increased capabilities in areas we didnt expect, such as recruitment and customer success, Busse continued. From boosting employee productivity to creating better customer experiences, automation freed businesses and teams to focus on the priorities that mattered most at an incredibly uncertain time in the market.

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Automated workflows gained traction during the pandemic - VentureBeat