Rationale For New Banking Technologies Must Move Beyond Cost Savings

Most financial institutions are already using different technologies to reduce costs and increase efficiency. The real payoff, however, may be in the revenue growth benefits, and the ways automation can improve the customer experience. Subscribe to The Financial Brand via email for FREE!As the banking industry is in the midst of massive digital transformation, organizations are increasingly using automation to improve efficiency and reduce costs. While the economics are enticing, the real value of intelligent automation may actually be as a driver of increased revenue growth and enhanced customer satisfaction. The key revenue drivers that were realized by intelligent automation included faster time to market, improved cross-selling and enhanced customer targeting. In fact, CapGemini estimates that intelligent automation could add $512 billion to the global revenues of financial services firms by the year 2020.