Global Banks Laggards to Implement Tech that Cut Operating Costs

“While automation has existed for many decades, the development of digital technologies are making it a powerful enabler for businesses, particularly in the banking sector. Autonomous’ research found that digitising bank’s operations would help cut €30bn of the combined €233bn of branch network costs. Automation technology can remove the burden of completing simple processes that are unavoidable in finance such as counting money, processing payments and transferring money. Automating basic tasks which are in use every day will increase productivity and see banks provide a digitally-enhanced service that the end user now expects. While security will be absolutely paramount, the benefits for both efficiency and customer service are too strong to ignore.

“Harnessing technology that addresses the productivity problem will be vital for financial organisations to thrive in what is already a competitive market; digital entrants like challenger banks can, and will, disrupt industries overnight and traditional financial institutes cannot afford to sit and wait for it to happen. Using automation to close the productivity gap has many other benefits as well: organisations can improve efficiency, increase job satisfaction and allow workers to focus on higher value work. Embracing the best digital tools like automation to create a better workplace and secure a place in the future of finance is no longer an option but business necessity.”

Ravi Krishnamoorthi, Sr. Vice President & Head of Business Consulting, Digital & Application Services, Fujitsu EMEIA