THE ROLE OF PROCESS AUTOMATION IN FINANCIAL SERVICES

Boosting productivity through automation is another objective of the industry. Automation reduces costs and allows for better control and compliance. Scale companies by allowing them to better serve existing customers and address new customer segments by allocating resources to areas where they can make the most difference.

The elimination of simple manual processes that take advantage of high-cost resources is where automation can be very advantageous and is often one of the first places where leading financial institutions seek quick profits.

By providing an update on the strategic initiatives that the CIT Group currently has, the president and CEO, Ellen Alemany, said that the company is making “technological and operational improvements, such as the re-engineering of some processes and the automation of certain standardization. convenient. “ Alemany continued: “While this may include some investments, it will also generate lower costs in the future.”

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Deutsche Bank wrote about its goal of being more efficient: “In line with the bank’s objectives of being simpler and more efficient, global market operations are being restructured to reduce costs, strengthen controls and eliminate inefficient manual processes through a greater automation. “

Reducing costs is also part of Bank of America’s strategy to be more profitable. With respect to its goal of reducing an additional $ 5 billion in annual costs by 2018, the bank’s president and CEO, Brian Moynihan, said: “It’s a steady reduction of staff through hard work and automation.”

In analyzing the ongoing program, the company needs to help position itself for positive results, Greg Carmichael, CEO of Fifth Third Bancorp, said: “We continue to invest in areas of automation to optimize operations.”

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A good example of automation comes from a publicly traded financial services company that has business in banking and wealth management .Like many other companies, he identified automation as the mechanism that can help him be more productive in all his operations.

One area that he decided to address first was the credit process, from application to approval. Through the use of digital technology, the company was able to automate the entire process, from data collection to analysis and storage. The results pointed to a shorter timeline, more closed business opportunities and a better overall customer experience.

At the Global Conference of the Milken Institute in 2016, Daniel Nadler, financial director of the analyst firm, said that traditional financial services firms like JP Morgan will continue here in the long term: “they will simply be more efficient”. to say: “Analysts, young associates, vice-presidents, anyone whose job is to move a column of data from one spreadsheet to another will be automated .

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