FINANCIAL SERVICES FIRMS LEAD THE CHARGE IN AUTOMATION

Financial services is the sector most likely to have adopted automation in the last six months, ahead of sectors including manufacturing and retail according to a new study of business leaders.

Economists estimate that automation will replace 5 million jobs by 2020* and the Proservartner Automation Index has analysed the broad swathe of sectors and jobs most ripe for disruption. The study finds that all financial services decision makers surveyed have automated at least part of their business between April to November 2018.

Finance processes are most likely to be automated (58 per cent), followed by customer services (34 per cent) and IT & telecoms (36 per cent). This reflects the industry’s focus on streamlining operations and taking advantage of new technology to become more effective and productive in an increasingly competitive global sector.

The Proservartner study questioned more than 600 UK businesses from SMEs to major multinational companies and finds that nearly nine in ten (88 per cent) of UK firms have automated some aspect of their business in the last six months.

While financial services come out on top, there is also evidence that overall mid-cap businesses are leading the charge when it comes to automation. Businesses with between 250-500 employees are the most likely to have recently adopted automation processes.

Commenting on the findings, Rakesh Sangani CEO and founder of Proservartner said: “The findings of the Proservartner Automation Index show that the financial services sector recognises that global industry is changing, and automation is key if businesses are to succeed. Using a combination of robotics process automation, artificial intelligence, and business process automation, financial services firms will be able to boost productivity and increase customer satisfaction.”