Over the past several years, the banking community has taken a keen interest in automation and artificial intelligence (AI). What research has repeatedly shown is both technologies — especially when paired together — can significantly improve work productivity and reduce costs in the banking sector when used correctly.
As a result, banking professionals have been collaborating on the best ways to implement these technologies effectively. For instance, Kinfos Events in November 2019 held the first annual Intelligent Automation in Banking (IAB) Summit in New York City to educate banking professionals on intelligent automation (IA), the combination of AI and robotic process automation (RPA). (As a side note, the RPA market is expected to reach $2.9 billion by 2021.) Panelists at the event discussed RPA in the banking sector, including accounts payable, loan process, credit card processing, and report automation, all of which are essential to ensuring greater business efficiency.
By implementing automation and AI solutions, banking organizations could save $70 million by 2025, according to a study published by Accenture, a worldwide professional services company. These emerging technologies reduce business costs by enabling employees to work more efficiently.
Automation and AI technologies replacing “mundane” tasks in the workplace isn’t a bad thing. Nearly 60 percent of occupations are primarily made up of functions that can be automated, according to a study from the McKinsey Global Institute. Instead of wasting time on remedial tasks — many of which are typically repetitive and time consuming — employees can spend more time delivering value being creative in their roles, which can go a long way.
When businesses invest in creativity initiatives, they typically see improvements in performance across the board. According to a global study by Adobe, seventy-eight percent of companies that make it a point to invest in creativity experienced increased employee productivity. These businesses also saw a jump in innovation and customer satisfaction.
It’s inevitable: Automation and AI solutions are going to change the way the banking industry operates; they’ve already been doing just that on many levels. By implementing these emerging technologies, banks put themselves in a better position to accommodate their customers' needs.
Banks are increasingly turning to automation and AI solutions to improve work productivity and cut costs. When banks define and automate their processes, they reap the rewards.