BY Capgemini
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Are financial services ready for automation?

10 Nov, 2016 03:03 pm

The financial sector is ripe for automation and to clear away decades of bureaucratic processes, but can it be done when so many legacy systems so well entrenched? The benefits of automation could mean that processes are speeded up, with application forms for bank services taking only hours to process instead of days.

Over the last decade, the finance industry has looked to reduce costs and improve efficiency by consolidating and standardising many of its processes. These processes tend to be ones such as accounts payable and receivable, expense reporting and ledger entry.

- Processes higher up the food chain have also become increasingly suitable for standardisation. These include contract management, risk management and compliance. 

- Software automation is the next logical step for banks looking to increase control and reduce costs. It can improve accuracy by eradicating mundane tasks, freeing up finance personnel to concentrate on higher value work, while customers will feel the benefit of a more agile service from financial institutions.

- Adoption of automation is unavoidable as banks and other financial firms seek to improve productivity and ultimately revenues. But as a caveat, savings may not be as great as promised because there will also be costs involved in the transition to automation.
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