How to empower your financial services through automation

January 18, 2022
minutes read

How do you build a better customer and employee experience while lowering costs and increasing productivity? Embrace automation. 

How automation is transforming financial services

In a hyperconnected world with increasing customer expectation, and rigorous regulatory requirements, financial services can no longer rely on legacy systems to keep up with competition. 

It’s of little surprise therefore that research company, Gartner, in their 2021 CIO survey, found that 49% of banking and investment CIOs and 44% of insurance CIOs plan to increase investments in automation.

When it comes to maintaining a competitive edge, customer personalisation can be key. Financial services can leverage automation technology to tailor their products and services to meet each individual customer’s needs. Tailoring provides a better customer experience, and a positive experience means increased satisfaction, loyalty, and advocacy.

The benefits of implementing automation 

  1. Optimised performance - Automatically controlling critical tasks removes the risk of human error and helps avoid losses. 
  2. Data-driven decision making - Automating core decision points eliminates the risk of bias, improves fairness, and reduces confusion around individual decisions. 
  3. Product development - Analysis of data-quality issues can help identify defects in current product design leading to actionable improvements. 

The combination of all of these benefits equates to the most valuable one of all: competitive advantage. Automation enables financial services to work faster and more efficiently, benefiting all stakeholders. 

Technology is empowering not replacing human activity 

When the pandemic hit in 2020, financial services, much like the rest of the business sector, leveraged advances in automation and technology to shift to remote working and reimagine operational workflows. 

Working within financial services involves a lot of repetitive, potentially tedious administrative tasks. By liberating employees from repetitive tasks, it speeds up decision-making, and the analysis and insights extracted from data patterns help present a more connected view of a problem,  creating confidence in delivering appropriate solutions. 

Nivo gives you the flexibility to test, iterate and build automation, without the barriers and risks associated with building bespoke technology. 

Find out how Nivo can integrate into your existing processes, technology, and mobile apps by requesting a demo.

Receive 'Leaving legacies The digitisation of regulated Industries'

For regulated industries, where risks need to be expertly mitigated, it can be difficult to make the move away from widely adopted legacy systems.In this guide, we’ll run through the benefits and challenges of digital transformation for financial services, with practical steps on how to move away from legacy systems for the betterment of business and customers.

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