Financial services firms around the world are using automation on transform their operating models as they target process efficiency and reduced operational costs. The economics of this efficiency play are compelling: a 10–25% increase in cost savings, potentially reaching 30–50% with cognitive automation.
But, in a challenging and highly competitive environment, financial services firms are seeking additional ways to unlock further value beyond just the efficiency play. We found that 45% of financial services organizations believe that internet giants, such as Google, Facebook, or Amazon, will be their main competitors in the next five years. This is one factor that explains why we are seeing a gradual shift in focus to intelligent automation as companies target increased revenue growth and customer satisfaction.