Financial Services companies are leveraging automations to improve their operations while strengthening their position in the market.
FREMONT, CA: 63% of financial services firms in the Asia Pacific believe that investment in automation has helped them gain an enormous competitive edge in the market. 58% of APAC financial service institutions have developed and launched new applications and achieved significant cost savings. As consumer behavior and expectations are changing, the ability to adapt to the changing scenario in the financial domain is helping companies maintain their position in the market. Such companies are leveraging automation to develop apps that are cost-effective in accelerating business processes, improving overall customer experience, and making the organization more agile. The majority of the companies are reportedly using automation extensively across their business processes. 20% of the firms also confirmed that they are looking to scale up their existing automation pilots and tools.
There is a strong connection between the size of a financial organization and those at the forefront of normalizing automation in the financial industry. The leading financial services that are readily embracing automations are expected to shape the future of the financial industry. APAC's financial institutions are also making a long-term commitment to automation, implementing comprehensive company-wide automation strategies and establishing an automation center of excellence. 80% of the financial companies believe that rather than having siloed departmental approach to automation, a company-wide approach to develop a unified platform enables them to effectively manage critical business processes, which is critical for financial services companies to ensure effective customer services and unified end to end view of the customer life cycle.
Considering that automations enable financial institutions to improve their customer onboarding process, improve the accessibility of necessary data from a single interface, upgrade their existing system and procedures, and ensure compliance, it is evident that APAC's financial sector will embrace automation to further improve the efficiency of its operations and inspire other industries to follow the trend.
