A new report from Capgemini’s Digital Transformation Institute has found that the financial services industry could be set to benefit by as much as $512bn within the next two years as a result of intelligent automation.
Capgemini describes intelligent automation as well implemented solutions that utilise a combination of robotics process automation (RPA) and artificial intelligence (AI), helping to enhance and optimise efficiency.
According to the report, the implementation of RPA alone can result in businesses realising a 10-25% increase in cost savings. However, the use of intelligent technologies, such as AI-enhanced automation, could further raise this to between 30-50%.
Further, the potential of intelligent automation is being realised in other ways, with more than one third of companies having experienced increases in growth and 64% having seen significant improvements in customer satisfaction after implementing such technologies.
“Hundreds of billions of dollars in automation-generated revenue is up for grabs in the coming years,” said Anirban Bose, Member of the Group Executive Board and Head of Capgemini’s Financial Services Global Business Unit.
“Only those companies that deploy this technology in a way that looks beyond cost cutting and focuses on creating value for customers and shareholders will be able to win in the marketplace.”
Within the report, Capgemini reveals that financial services companies are looking to implement new technologies more readily now than ever before, largely due to the fear that big tech players such as Alphabet and Amazon may begin to identify potential opportunities and encroach on new markets.
However, despite this, currently just one in four financial services firms are considered technologically mature enough to be able to successfully implement advanced technologies such as machine learning, computer vision and biometrics – a statistic that the industry will have to address if it is to capitalise on the rising number of opportunities available.