Are financial services ready for automation?
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.
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
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.