Know the key steps

Banks know automation is an important way to reduce costs and the most critical factor for the digitization of business processes. The industry as a whole has made great strides in automating manually-intensive and repetitive operational tasks across the value chain.

To continue this trajectory and realize the associated cost, productivity and experience gains, banks once again should look beyond the technology itself. They should scale automation in lockstep with augmenting human talent to drive operational maturity.

The reality is that automation has changed (and will continue to change) how humans work and the skills they need to be successful. It shifts higher-value tasks to people, to make people more productive and work more satisfying.

It’s a powerful advantage that yields insights into performance measurement and improvement that leads to operational risk reduction, higher compliance and increased customer satisfaction.

Even so, banks have to keep excelling here, getting even better at utilizing data by breaking down conventions and rigid organizational structures that trap it in silos.

Improving their ability to scale AI is a key opportunity for banks to make different—and better—use of data. Banks can improve core processing accuracy and efficiency with advanced AI-powered data and analytics platforms. As banks look to scale AI, the cloud can boost momentum.

Cloud costs have decreased consistently over the last five years, and cloud security and regulatory compliance offer strong controls. Banks are also getting better at realizing their expectations of cloud—in a recent global survey: