Banking_Institutions

The financial services industry could potentially add $512 billion in global revenue by 2020 with the use of intelligent automation, according to a news report from Capgemini.

Of this sum, $243 billion is expected to come from the insurance industry, while the other $269 billion will likely come from banking and capital markets.

Intelligent automation is defined as a combination of robotic automation processing (RPA), AI, and business process optimization to achieve strategic business objectives, such as software that handles high-volume, repeatable, and rule-based tasks.

While 52% of companies are focused on cost savings when automating processes, 45% actually look to grow revenue with it, and 55% want to increase customer satisfaction, the report found.

Here are two key findings from the report:

BI Financial Report

Being able to boost revenue will likely increase adoption of automation. While the ability to cut costs is strong motivation to increase automation, being able to generate more revenue will probably push firms to accelerate their efforts in the area.

As banks are largely looking to increase their customer satisfaction with automation, we will probably see many solutions launching that are consumer-facing.