Most financial institutions are already using different technologies to reduce costs and increase efficiency. The real payoff, however, may be in the revenue growth benefits, and the ways automation can improve the customer experience.
As the banking industry is in the midst of massive digital transformation, organizations are increasingly using automation to improve efficiency and reduce costs. While the economics are enticing, the real value of intelligent automation may actually be as a driver of increased revenue growth and enhanced customer satisfaction.
In a study by CapGemini on the benefits and use of automation in financial services, it was found that over a third (35%) of financial services players have seen a 2%–5% increase in top line growth thanks to intelligent automation, including the following uses:
- Robotic Process Automation (RPA): Using software to perform high-volume, repeatable tasks
- Artificial Intelligence (AI): Using processes such as machine learning, natural language processing (NLP), biometrics and other advanced techniques to solve business problems
- Business Process Automation (BPO): Redesigning process flow to improve efficiency and quality
The key revenue drivers that were realized by intelligent automation included faster time to market, improved cross-selling and enhanced customer targeting. In fact, CapGemini estimates that intelligent automation could add $512 billion to the global revenues of financial services firms by the year 2020.