NEW YORK (PRWEB) MAY 16, 2023
A new research report from Arizent, parent company of American Banker and Digital Insurance, analyzes how banks and insurance firms are embracing automation. The report, sponsored by UI Path, shows that while three-quarters of respondents plan on implementing this new technology to gain a competitive edge and improve operational efficiency, they face unique challenges, including the cost of implementation, regulatory optics and constraints and the ethical questions of balancing efficiency with human labor.
For banks especially, the challenges are impactful. More than half of banking leaders rate their organization's performance on their automation initiatives as poor or fair, citing slow implementation, competing priorities and cost as key hindrances. In contrast, six-in-10 insurers rate their organization's performance on their automation initiatives as excellent (11%) or good (49%).
Respondents indicate that these industries may not be fully automated for some time. In banking, fraud detection and prevention, application processing and underwriting continue to be seen as the biggest opportunities for automation. By comparison, insurers see fraud detection/prevention, personalized customer experience and prequalification and account eligibility as the biggest opportunities for automation in their industry.
Debate also continues around how companies should ethically balance efficiency with human labor, and how and when to replace or reduce human workers in favor of technology solutions.
"Despite certain jobs being at risk with automation implementation, our research points to a silver lining of growth among other careers such as data analysis, software development and machine learning," says Janet King, Vice President of Arizent Research. "As companies embrace this new technology, they are allowing their workers to invest more of their time towards creating better customer experiences."
When looking ahead to a more automated working world, banks and insurers are hoping to shift their focus away from repetitive and time-consuming tasks while reaching customers in new, more productive and seamless ways.
The full report can be downloaded here:
American Banker: https://www.americanbanker.com/research-report/taking-automation-one-point-at-a-time
Digital Insurance: https://www.dig-in.com/research-report/taking-automation-one-point-at-a-time
Methodology
This research was conducted online by Arizent, parent company of American Banker and Digital Insurance, during March 2023. A total of 200 respondents, 100 each from banking and insurance, completed the survey. All respondents were screened for personal involvement with or knowledge of their organization's enterprise automation initiatives.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About American Banker
American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850K strong, American Banker's transformative content connects leaders online, in person and in print every day.
About Digital Insurance
Digital Insurance is the essential resource for senior executives leading the digital transformation of the insurance industry. Across events and member forums, original research reports, and editorial news and analysis, Digital Insurance examines business-critical topics in technology innovation, data advancements, insurtech market trends, and transformation strategies. The brand convenes the community around these transformational ideas and insights so they need to stay ahead of the competition and the real-world examples of impact that they can bring back to their companies.
About UiPath
UiPath builds AI-powered automation that radically transforms the way we work in service of human creativity and collaboration. Its Business Automation Platform combines robotic process automation with a full suite of capabilities empowering people enterprise-wide to create better ways to operate, innovate, and drive business outcomes more easily and efficiently than ever.
UiPath enables companies to achieve better outcomes with greater speed and streamlined operating flow that transform customer and employee experiences. Its platform understands, automates, and operates end-to-end business processes across the organization.
For more information, please visit uipath.com