NEW YORK, June 13, 2018 /PRNewswire/ — WorkFusion, the leading AI-driven robotic process automation (RPA) software company, announced it was named “Best Application of AI in Financial Services” in the AIconics awards. The award recognizes achievements by WorkFusion’s banking and insurance customers such as Axis Bank, Deutsche Bank, MetLife and Standard Bank in automating common but critical functions including trade finance, anti-money laundering (AML) and claims handling.
“AI has become a critical competitive advantage,” said WorkFusion CEO Alex Lyashok. “Many companies are already using machine learning (ML) to power their customer experience. Using ML to create intelligent software robots complements those experiences with scalable, agile business operations, and this award is proof that many businesses have already made digital operations a reality.”
The AIconics award is also a testament to WorkFusion’s position in the market as the only RPA provider with native AI. Cognitive automation is a critical capability for financial services, given the industry’s high volume of unstructured data, such as financial statements, settlement documents and customer service emails. By having AI built into the same platform with RPA, data ingestion and “human-in-the-loop” exceptions handling, SPA users are able to automate processes from end to end. This not only reduces cost but also increases revenue through better customer service.
WorkFusion was founded to make AI a self-service capability for business people. By 2016, forward-looking financial institutions had put its AI-driven RPA product, WorkFusion Smart Process Automation (SPA), to work in middle- and back-office operations. Standard Bank used SPA to reduce customer onboarding time from 20 days to 5 minutes and improved its industry rank in vehicle finance from 4th to 2nd, which created new revenue for the bank. With its Lumen Edition released in May 2018, WorkFusion made AI-driven automation 6 times faster to train and easier for business people to use.
About The Alconics Awards
The AIconics are the world’s only independently judged awards celebrating drive, innovation and hard work in the international AI Community. A panel of 20 judges from around the world thoroughly reviewed competitive entries from foremost innovators in the AI space. The AIconics are organized by AI Business and are a highlight of the AI Summit London, which is the world’s largest AI event for business.
WorkFusion’s AI-driven RPA software creates and manages software robots for knowledge work. Built for data-first companies, its products automate business processes by combining AI, RPA and people in one intuitive platform. Top enterprises within global banking, insurance, healthcare and other data-intensive industries choose WorkFusion to reduce their cost of doing business and to use AI to overcome the complexity of scaling operations. WorkFusion is headquartered in New York City with offices in 8 countries throughout Europe and Asia.