Automation in Financial Services to Enhance Data Capabilities

Data has become a critical component of business strategy and operations, with its value steadily increasing over time, making storage resources challenging to handle. The International Data Center (IDC) predicts the global data sphere will reach 163 zettabytes by 2025. That amounts to 163 trillion gigabytes or ten times the amount recorded in 2016.

The time has never been better to take the next step in digital acceleration, as technology is undergoing a revolutionary transformation in the financial industry.

• According to International Data Corporation (IDC), banking will be one of the two industries spending the most on AI solutions by 2024.
• According to Gartner’s RPA Stats, approximately 80% of finance leaders have implemented or plan to implement Robotic Process Automation (RPA).

Automation in the banking industry can extend well beyond automation processes, impacting the entire organisation to enhance compliance, security, and relationships with customers and the workforce. In this post, we’ll explain the following:

What is Automation?

Automation refers to leveraging technology to perform tasks with minimal or no human intervention. This does not imply replacing humans with robots but instead using automation to handle monotonous and time-consuming manual tasks.

By automating such activities in the financial sector, finance departments can focus on creating value and driving strategy. The main objective of automation is to enhance process efficiency by reducing or eliminating repetitive tasks or activities that do not add value. Automation also plays a crucial role in achieving business process excellence.

Discover how automation transforms the financial industry and how your business can benefit. Click here to read our comprehensive guide and stay ahead of the game.

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