As businesses reorientate themselves to the era of digital transformation, the finance function will have a key role to play. But to become a strategic partner to the business it must not only carry out its traditional capabilities more efficiently than ever before, but also provide new actionable insight in near real-time.
That means automation, using intelligent technologies such as robotic process automation (RPA), artificial intelligence (AI), and machine learning. For the finance function in the financial services sector, sitting at the center of data-driven organizations, these tools are the key to providing faster and higher-quality services to the rest of the business.
Capgemini’s latest research suggests that financial services companies have so far been slower than those in other sectors to explore finance automation in finance. Just 23% of financial services executives say that a transformation strategy for automation has been agreed for the finance function at their firm—a smaller proportion than in any other sector surveyed. And financial services businesses are less likely to be found among the group of “Masters” identified in the research—firms that have fully or partly automated all 18 finance processes covered in the research.
The sector needs to accelerate the pace of its automation. Financial services companies say their strategic priorities include improving business intelligence, with 19% citing this as a one of their top two priorities, while 18% are targeting improvements to existing products and services. Automation can provide crucial advantages in areas where the sector’s leaders are determined to press ahead.
What does the research results tell us about how financial services businesses are handling the shift to finance automation?
- Aligning automation investment with strategic priorities will give them a way to overcome risk concerns.
- Their vision for automation must be strategic as well as operational.
- They will have to address skills shortages.
- Leaders must seize the initiative.
Read the full report to learn how intelligent automation is transforming finance in the financial services sector.
Read our main “Reimagining finance for the digital age” report that surveys 500 senior finance executives in Europe and North America about how intelligent automation is transforming the finance function.