Intelligent Automation in Financial Services Summary (Accenture)

The Joy of Finance curates and summarizes the best finance and operations content for busy folks. You can sign-up for the newsletter here.

Intelligent Automation Continues to Sweep the Financial Services Industry

and companies across all sectors are investing heavily in artificial intelligence. 80% of organizational leaders interviewed by Accenture believe that AI will become fully integrated by 2021.  

The 4 Types of Benefits from Intelligent Automation

  1. Efficiency
    • System rules must be well-defined
    • Up to 30% of all banking jobs could be automated by 2025
  2. Expertise
    • Supports human decision making and offers advice
  3. Effectiveness 
    • AI acts as a personal assistant or agent
  4. Innovation
    • Identifies alternative actions and makes recommendations to augment human decision making processes

It is inevitable that investment will increase in the coming years, heightening the reliance on a smooth transition of both investors and employees alike. Accenture highlights the importance of a proactive and effective HR department in guiding this transition.

HRBQuote

Most to all aspects of a financial services organization are likely to be impacted, so the real question is, how do we effectively transition? First, it’s important to identify where your organization is regarding its current practices.

Embracing the Organizational Shift: 5 Steps

  1. Develop the vision
  2. Define the policy
  3. Establish priorities
  4. Acquire Capabilities
  5. Manage the Change

Accenture Recommends Maintaining a Strategic-Level Approach

This means, all automation efforts should support human progression and success. Accomplishing repetitive tasks for the sake of speed and discounted labor is one thing, but helping people make quicker, more well-informed decisions is what will move the organization forward.

Read the full report “Intelligent Automation in Financial Services” here.

To learn more about automating your payment processes, click here.