Think Banks Have Gotten the Most Out of Automation? Think Again!

14 Feb 2019
by Anil Vijayan, Manu Aggarwal, Robin Jain, Akanksha Pathak, Pranati Goswami

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

Membership(s)

Banking & Financial Services (BFS) - Business Process Outsourcing (BPO)

Banking & Financial Services (BFS) - IT Services (ITS)

Service Optimization Technologies (SOT)

 

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