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Banks and insurers are increasingly aware of the competitive edge they can gain by utilizing automation. In a recent study by Arizent, parent company of American Banker and Digital Insurance, we found that three-quarters of respondents from the banking and insurance sectors plan to implement new automation technologies in the next year.
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While conversation about how to balance the speed and normalization of automation is ongoing, our survey shows that banks and insurers increasingly see automation as an opportunity.
Key Findings
- In both banking and insurance, fraud detection/prevention is seen as the biggest opportunity for automation.
- Across possible use cases, single-point solutions that automate only a part of a business process continue to dominate.
- Participants from both industries not only anticipate a decrease in their workforce due to automation, they also anticipate changes to the composition of their workforce.
- Despite potential benefits, there are risks and barriers to implementation, including costs and data security/privacy.