Dominance of Automation in Financial Services Industry

Abstract

The digital revolution and proliferation of latest technologies have taken the world by storm. The rapid adoption of these emerging technologies confirms that the age of automation is upon us. The financial service sector, typically perceived as a conservative industry, has undergone tremendous evolution over the last few years. Being the kind of industry, which is dominated by labour intensive processes, the banking industry had to lead in welcoming automation solutions. The financial services industry is undergoing a significant transformation driven by the dominance of automation. Automation, powered by advanced technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), has revolutionized various aspects of the industry, leading to increased efficiency, improved compliance, and enhanced customer experiences. Automation has become a critical component of the financial services sector, enabling organizations to streamline processes, reduce manual intervention, and optimize operations. Tasks that were once timeconsuming and prone to human error can now be automated, allowing financial institutions to allocate resources more strategically and focus on higher-value activities.