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Stung by COVID-Induced Crisis, Financial Services Providers Turn to Automation

The financial services providers are seriously considering automation of many of their business processes, as the COVID-19 pandemic has left them struggling to keep pace with other sectors.

In a survey conducted by cloud computing giant, more than 24% of respondents have confirmed their plan to automate some of their back-office operations.

The pandemic has taught them a lesson and, therefore, they are now turning to automation to future-proof their business. Some of them are already providing customer services through robots, while a few are posting loan applications online.

“AI (artificial intelligence)-enabled operations have the potential to create entirely new value streams for the financial services industry,” says the report.

Salesforce says AI and automation will have wide-ranging implications for the financial services industry. “Such advancements have opened doors for FSIs to offer new products, services, and even new modes of business.”

Some retail banks are even considering automating account transfers. Claims processing, one of the most resource-intensive processes in the insurance industry, may soon be automated.

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“Autonomous finance is the organic convergence of all the technology innovation we’ve been seeing over the years, from AI to unprecedented access to data, to finally deliver on self-driving finance,” says Rachid Molinary, SVP at Banco Popular.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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