Think Banks Have Gotten the Most Out of Automation? Think Again!
The automation story in the banking sector has been going on for a while now, but are we seeing the banks adopting automation and its advance levels at the rate that expected? A lot of banks and other financial institutions are still apprehensive about adopting automation and overhauling age-old processes that are running smoothly. Automation provides benefits ranging from cost reductions to revenue growth and competitive advantage; why is it then we still see a slow adoption pattern in the banking industry? Exceptions in the form of some banks implementing Artificial Intelligence (AI) or cognitive-based automation solutions are present, but it is still far from becoming a widespread phenomenon on the ground.
This paper explores benefits that banks stand to gain from automation, different options available to banks, automation in different Lines of Businesses (LoBs), challenges to a widespread automation adoption, and how some organisations have tackled these challenges
Key discussion points in the report include:
- Benefits from automation
- Examples of banks that have implemented advanced levels of automation
- Extent of automation and cognitive in different LoBs
- Good examples of automation in different LoBs
- Challenges faced by institutions in implementing automation solutions
- Case studies on how some organizations tackled these challenges
This report is available to members.