By modernizing workforce technologies, financial services companies could save billions in productivity gains by 2025, according to a recent study from Accenture.
Almost half (48%) of the tasks administered in the financial services industry could be elevated by the use of technology, the report said. However, firms still lack the strategic approach to implement a more “digital and human-centric future.”
“Rather than removing the human touch from financial services, technology can enable organizations to offer more personalized and more human experiences at scale and improve their ability to innovate and grow into new areas,” said Bridie Fanning, a managing director at Accenture, in a statement.
“By automating tasks in both the front and back office, financial services companies can provide employees with meaningful work and develop client relationships that are characterized more by human ingenuity than routine transactions.”
The study found a scarcity of digital, data and cyber skills in the current financial services workforce. It recommended that companies focus on training employees instead of simply recruiting.
By automating certain tasks — such as data entry, gathering, processing and account reconciliation — financial services companies have made large productivity and efficiency gains.
Looking forward, the study found that automating between 7% and 10% of tasks could generate additional cost savings of $12 billion for banks, $7 billion for insurers and $4 billion for capital market firms (all figures are in U.S. dollars).