Banks have been talking about digital transformation for decades, yet many are still struggling to make enviable progress.
While almost every bank has a digital front end, it’s often the case that entire teams of people are employed to carry out low-value, manual work behind the scenes. That might be a one-thousand-strong customer services team having to sort through various requests, including dealing with millions of digital communications, or hundreds, if not thousands, of people manually testing IT applications.
This resource-intensive approach is far from ideal, which is why, when automation first hit the scene with its promise to save time and improve productivity, many banks were quick to adopt.
The most pioneering banks are realizing impressive results. By automating around 9% of all of their work, they have saved significant person-hours, and large sums of money in the process. Even average banks, which are automating around 1-2% of their work, are experiencing transformational shifts within their organizations.
Unfortunately, however, many of these implementations to date have been achieved in a bottom-up fashion. A lack of overall strategy from the top has led to small pockets of innovation throughout the business, but many areas left untouched.
It’s time for this to change.
The most pioneering banks are realizing impressive results. By automating around 9% of all of their work, they have saved significant person-hours, and large sums of money in the process.
Keelan Singh, EMEA Banking and Financial Services Industry Lead at Ui PathOrganizations are beginning to realize that they can achieve even better success with automation by combining tools, tackling processes end- to-end and mandating use from the top down. They are doing this with a new generation of intelligent automation (IA) tools, otherwise known as Automation 2.0 or hyperautomation solutions.
By leveraging advanced capabilities, including artificial intelligence (AI), machine learning (ML), process mining, and more, IA can excel at core repetitive tasks. For example, it can read e-mails, understand their intent, and then categorize them. It can also automate mundane software testing activities with digital assistants and task capture.
This is just the start. By seeing IA as a pillar of digital transformation, banks can achieve extraordinary outcomes. They can eliminate hundreds of thousands of person-hours, save huge amounts of money, take new products to market faster, and—crucially—finally achieve the level of modernization they have long been seeking.
In the pages that follow, we’ll delve deeper into this story. We also interviewed many heads of automation and digital transformation leaders from top banks across EMEA to find out about the value they already realize from IA, as well as their aspirations for the future. These learnings, along with the results of our survey of many banking executives across EMEA, combine to showcase the true transformative power of automation both now and in the months and years to come
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