All companies, across all industries, are having to learn how digitization is changing the way they create products and services, the way they distribute them to customers, and the expectations that customers have about those products and the role the company plays in their lives.
In financial services, this shift is turbocharged. From fintechs, to how retail banks provide a service to customers, to how high-net-worth individuals get their advice, it’s changing everything, including fundamental business models and how firms collect and use data. It’s no wonder that 89% of banking operations executives believe digital initiatives are a priority for their organization.
Four to Keep an Eye Out For
These digital advancements are changing operations teams’ processes and activities, and affecting how the function operates. There are four digital shifts that operations leaders need to be prepared to tackle (see chart 1).
Chart 1: Relevant digital shifts and their implications for financial services operations Source: CEB analysis
Robotic Process Automation
Many senior operations managers are leading initiatives to implement robotics software in a bid to help their banks take advantage of digitization. These robotic services present a new and relatively low-cost way to tackle an increasingly digital and fast-paced environment.
In fact, nearly 55% of Operations leaders say their firm will increase spending on “robotic process automation” in the next two years. And it’s easy to understand why; there are countless ways robotics can be applied, and you don’t necessarily need a huge budget or a consultant to implement it (see chart 2).
Chart 2: Forces accelerating automation adoption in financial services Source: CEB analysis