Polski
Deutsch
The role of automation in finance is paramount – it helps organisations truly revolutionise their operations. Even now, we have hundreds of different solutions that accelerate different areas in banking and finance, both front- and back-office. What will the future bring? We shall discuss this here, so read on to find out our predictions.
Table of Contents
- Automation in the Finance Industry: What Do We Have Now?
- The Future of Automation in Finance
- Drive Efficiency to Your Organisation through Automation with Ailleron
- The Takeaway
Automation in the Finance Industry: What Do We Have Now?
Before we delve into the future of automation in finance and accounting, we need to understand what solutions we already have, even if some of them aren’t as widespread as they should be. So, what can finance organisations use already?
- Chatbots – For customer service automation.
- Biometrics & AI – For digital onboarding automation.
- No-code and low-code technologies – For digital process automation.
- AI & OCR – For document processing automation.
- AI & ML & LLM – For data analytics automation and automated personalisation.
- AI & APIs – For data integration automation.
- RPA – For process automation.
The tech stack is quite large, and with many of these technologies still being developed further, we might expect the range of automation possibilities to rise. Yet, we have to remember that not all such solutions are in place in most financial organisations – digital transformation in banking is still occurring, with many businesses being on different levels. Some banks just started to analyse its potential, others are already implementing first solutions, while some have a wide variety of innovative digital technologies already in place.
The Future of Automation in Finance
Having explained what we have available right now, we may proceed with presenting our predictions for the future. What will change in terms of automation? Here are some insights.
Widespread Automation
Before we get into the more technical predictions, we need to underline that automation should become much more widely used in finance in the upcoming years. From boosting customer service agent productivity to reducing the number of errors and accelerating processes – financial organisations are aware of all the benefits of automation. Therefore, they are bound to invest in more and better automation solutions in the near future.
Intelligent Automation
Getting to the more “technical” predictions, we expect intelligent automation to be on the rise in the future of finance. But what is intelligent automation in the first place?
Often called cognitive automation, intelligent automation is the use of artificial intelligence, business process management and robotic process automation to streamline processes within an organisation. It incorporates various other technologies (e.g., OCR, computer vision) and goes beyond simple tasks, handling complex processes. The idea behind it is simple yet extremely effective – to combine machine intelligence with the resources and tech required to automate processes.
According to Capgemini, in 2018, only 15% of retail and commercial banks, 8% of insurance companies, and 7% of capital market organisations had full-scale intelligent automation. This shows that there is a lot to improve here, especially considering the benefits of IA. Thus, it’s not surprising that currently every financial organisation is interested in implementing this innovative technology.
What are these benefits?
- Higher level of automation – due to the possibility of automating complex processes,
- lower costs and technical expertise required – IA can, for instance, perform seamless, quick data calculation in real-time,
- and better decision making – due to predictive analytics and insights that can be extracted with IA.
Therefore, we expect the rise of intelligent automation in finance – it’s bound to be one of the key technologies used in the future.
Do you need excellent AI solutions for banking? At Ailleron, we will design and develop them, tailoring them to your needs!
Cognitive Process Automation
Strongly linked with intelligent automation, we expect a switch in finance from robotic process automation (RPA) to cognitive process automation (CPA). Like IA, this is an approach to going beyond simple tasks and automating complex processes using AI as the brain for the system’s operations.
Improvements in the Existing Technologies
We must not forget about what we already have. Current tech is already useful, but in many cases, it can and will be upgraded further. This way, financial organisations will be able to squeeze much more of their existing systems. What upgrades do we expect?
- Chatbots – The first chatbots were quite basic, but with the introduction of generative AI for banking, we saw a major improvement in their performance. With the further developments in this technology, it should soon become possible to use them for even more complex tickets, hence taking customer service automation to yet another level.
- AI & OCR – AI-driven document processing isn’t perfect, though it already impacts the finance sector significantly. As AI and OCR improve, we are bound to create even more accurate systems that will reduce the number of manual tasks (for instance, when writing is unintelligible) to an absolute minimum.
- Data analytics – Businesses in finance struggle with AI-powered analytics due to the lack of high-quality, cleansed data. However, with time, this will change. Since companies are becoming aware of the importance of keeping the right data and cleaning it to avoid bias or erroneous insights, automated data analytics will keep becoming better, more accurate and efficient, hence improving the decision-making processes in banks, insurance or leasing companies and other financial organisations.
Drive Efficiency to Your Organisation through Automation with Ailleron
At Ailleron we are your committed experts in financial technology. We can prepare a wide range of solutions for different financial organisations, from retail banks, to leasing companies and fintechs. We will help you automate your processes and introduce cutting-edge automation solutions to your business, giving you an edge over your competitors and enhancing the efficiency of your operations. Contact us and learn what we can do for you!
The Takeaway
Automation is already present in the finance industry, but it shall become more widespread in the future. With the development of new tech and the improvements to the existing one, we are bound to see a new era of finance. An era driven by productivity, efficiency and intelligent automation. Therefore, embrace the future now – invest in automation technology, teach your employees how to use it and be prepared for the upcoming developments.
You might also read: Trends in Digital Banking and the Future of Banking
