Like other industries, the fintech industry is also facing challenges with hiring and retaining talent. In this article, Jackie Siqueiros, head of people, Ocrolus, discusses how automation can help in this situation.
In the current business environment, where the challenge of finding and retaining employees for repetitive manual data entry roles has paralyzed some companies, many are turning to robots to compete. This is occurring in industries in the midst of a digital transformation, with finance one of the most affected. It led one financial organization CEO to say that, Never in my 40 plus years in banking have I seen labor shortages at the level theyre at now.
Vacancies are at a ten-year high in the United States. Companies across industries are simply finding it difficult to meet their staffing needs in the current business landscape. Along with more specialist roles, companies also have trouble filling the more entry-level and repetitive data entry roles. While specialist roles are difficult to replace, rote data entry can easily be pushed to robots, and many companies are doing just that with great success.
In the financial industry specifically, proactive organizations have integrated robotic process automation and other AI-driven technologies to plug a range of operational role gaps.
Getting back to full productivity has been a huge challenge for many organizations. According to a Manpower survey, 69% of American companies face significant hiring challenges. In the UK, employers are facing the most severe shortage of job candidates on record, and according to Bloomberg, the EUs staffing shortage is set to be worse than the USs.
The most worrying aspect of the global hiring problem is that it is only going to get worse. According to a report by Korn Ferry, by 2030, there could be 85 million global vacancies for much-needed roles, amounting to $8.5 trillion in unrealized revenues.
See More: Year 2022: Embracing the Wave of Automation
The pandemic accelerated the shift to automation across industries. For example, many banks and other financial service providers moved onboarding and common query services almost exclusively online using smart AI chatbots. Manufacturing and retail have also turned to robots. According to the Financial Times, Warehouses are expected to invest $36bn in automation this year, up 20% in 2020.
Traditionally, important yet repetitive and rote tasks such as manual data entry, document onboarding, and other time-consuming administrative work have been given to entry-level workers for low pay, often leading to a drain on employee morale. Another issue with having these processes manned by human workers is the chance for error. For the financial industry, human error is particularly problematic as it can lead to organizations falling foul of Know Your Customer and Anti-Money Laundering regulatory compliance.
Luckily, companies are recognizing these dangers and moving more processes toward automation. According to a recent report by PwC in partnership with CBI, 89% (of financial organizations) expect to automate standardized or repetitive tasks over the next five years. Further, 74% are actively searching for candidates to fulfill future labor needs to do with data science, automation, and digitization more broadly.
Not only is automation advanced enough to step in for more rote, humdrum work, but it can actually improve productivity, as well as lower costs. After all, robots arent susceptible to energy peaks and troughs, they arent biased, and they dont need breaks or vacation time. However, it doesnt mean that automation is replacing human workers.
Rather, automation can enable people to focus on core, high-value tasks without spending large amounts of time on time-consuming, repetitive work. Instead of looking to automation to replace employees, savvy financial organizations are integrating it strategically to plug operational gaps and act as a complementary technological capability to help and enable their workforce.
See More: 6 Reasons Developers Are in Such High Demand Right Now
Robotic process automation (RPA) can cut financial organizations costs by up to 75%, according to KPMG. There is also a positive correlation between robot adoption and productivity gains. According to a report by Select USA, an increase of one percent robot density generates productivity gains of 0.8%, whereas organizations new to robotic adoption witness a 5.1% productivity increase.
Financial organizations are increasingly aware of how to best combine their human workforce with robotic solutions to drive productivity and help employees focus on core areas of their roles and are able to address their document processing automation requirements with a full-scale automation solution, empowering underwriters and other knowledge workers to make faster, more accurate lending decisions.
Did you find this article helpful? Tell us what you think on LinkedIn, Twitter, or Facebook. Wed be thrilled to hear from you.
Read the original post:
The Great Resignation and Growing Importance of Automation in Fintech - Toolbox
- Tasker updated with powerful new Android 15 automation features - Android Police - May 17th, 2024 [May 17th, 2024]
- Exploring Stereo Imaging and Automation at the Machine Vision Summit - Novus Light Technologies Today - May 17th, 2024 [May 17th, 2024]
- Yellow.ai unveils Email Automation feature for streamlined support - IT Brief New Zealand - March 4th, 2024 [March 4th, 2024]
- Automation in Biopharma Industry Propels Market Growth with Emerging Trends - Global Forecast to 2028 - Yahoo Finance - March 4th, 2024 [March 4th, 2024]
- Ginkgo Bioworks: Pioneering Healthcare's Future with Drug Development Automation - BNN Breaking - March 4th, 2024 [March 4th, 2024]
- Inspiring cloud automation - The Register - March 4th, 2024 [March 4th, 2024]
- Clinical Lab Automation Market to Reach $3.72 Billion by 2030 Amid Technological Advancements - PR Newswire - March 4th, 2024 [March 4th, 2024]
- #ETFutureForwardME: Hiring and onboarding right with AI and automation, ETHRWorldME - ETHRWorld Middle East - March 4th, 2024 [March 4th, 2024]
- How Document Digitization, Process Automation Can Help Rebuild Trust - GovCIO Media & Research - March 4th, 2024 [March 4th, 2024]
- Iraq's Customs starts using ASYCUDA automation system in Umm Qasr - Iraqi News - March 4th, 2024 [March 4th, 2024]
- Robot Software Market: Powering the Future of Automation ,Analysis and Forecast 2023-2029 - WhaTech - March 4th, 2024 [March 4th, 2024]
- ImageSource Unveils ILINX AI for Intelligent Process Automation - PR Newswire - March 4th, 2024 [March 4th, 2024]
- The Evolving Landscape of APIs: Integration, Automation, and AI - EnterpriseTalk - March 4th, 2024 [March 4th, 2024]
- Gen AI isn't the only tech driving automation in banking - Finextra - March 4th, 2024 [March 4th, 2024]
- Navigating the Future: The Shift Towards Level 3 Automation in the Automotive Industry - Medriva - March 4th, 2024 [March 4th, 2024]
- Automation and Controls Market is Rapidly Growing with Huge Application Scope and Opportunities by 2030 - EIN News - March 4th, 2024 [March 4th, 2024]
- Winning the Game: Essentials skills to survive AI, LLMs and Automation - DataDrivenInvestor - March 4th, 2024 [March 4th, 2024]
- Industrial Metrology Market Set to Hit $17.96 Billion by 2030, Driven by Automation and Quality Demand - BNN Breaking - March 4th, 2024 [March 4th, 2024]
- Automation tools Archives - Milwaukee Community Journal - The Milwaukee Community Journal - March 4th, 2024 [March 4th, 2024]
- Industrial Automation Market to Receive Overwhelming Hike In Revenue That Will Boost Overall Industry Growth - EIN News - March 4th, 2024 [March 4th, 2024]
- Lutra AI launches to make building automated AI workflows easy - SiliconANGLE News - December 9th, 2023 [December 9th, 2023]
- AI meets materials science: the promise and pitfalls of automated discovery - VentureBeat - December 9th, 2023 [December 9th, 2023]
- SPS Fair 2023 - The Latest Industrial Automation Trends - IoT Analytics - December 9th, 2023 [December 9th, 2023]
- Top WorkTech News From the Week of December 8th: Updates from Infor, Automation Anywhere, IFS, and More - Solutions Review - December 9th, 2023 [December 9th, 2023]
- Nividous and RCG Global Services Focus on Empowering Healthcare and Life Sciences Organizations with Intelligent ... - PR Newswire - December 9th, 2023 [December 9th, 2023]
- Automation and Communication to Streamline Deliveries - Supply and Demand Chain Executive - October 27th, 2023 [October 27th, 2023]
- Future of Employment in an Era of Automation - Drishti IAS - October 27th, 2023 [October 27th, 2023]
- From legacy to automation: Spirent's impact on network validation - ETCIO - October 27th, 2023 [October 27th, 2023]
- Genghis Grill Partners with Flybuy on Off-Premises Automation - FSR magazine - October 27th, 2023 [October 27th, 2023]
- Q&A: Workday exec talks hospitality and automated, scalable finance - Smartbrief - October 27th, 2023 [October 27th, 2023]
- Home Automation Market Size to Worth Around USD 788.33 BN by ... - InvestorsObserver - May 15th, 2023 [May 15th, 2023]
- Network automation market set to surge over the next decade - ChannelLife Australia - May 15th, 2023 [May 15th, 2023]
- Mitsubishi Electric agrees strategic investment in Otto Motors to ... - Robotics and Automation News - May 15th, 2023 [May 15th, 2023]
- Roots Automation Introduces InsurGPT - the World's Most Advanced ... - PR Newswire - May 15th, 2023 [May 15th, 2023]
- Research Shows Ways Digital Print and Automation Power Profitability - Printing Impressions - May 15th, 2023 [May 15th, 2023]
- Rockwell Automation Inc. stock outperforms market on strong trading day - MarketWatch - May 15th, 2023 [May 15th, 2023]
- Is It Too Late To Consider Buying Presto Automation Inc. (NASDAQ:PRST)? - Yahoo Finance - May 15th, 2023 [May 15th, 2023]
- U.S. Companies Embrace Automation and Digitization - CPAPracticeAdvisor.com - May 15th, 2023 [May 15th, 2023]
- Byron Centers SpartanNash Ups Customer Service with Robotic ... - DBusiness - May 15th, 2023 [May 15th, 2023]
- Why KYC automation is key to business growth strategies - FinTech Magazine - May 15th, 2023 [May 15th, 2023]
- Leading Ireland & UK Industrial Automation company NeoDyne ... - Process & Control Today - May 15th, 2023 [May 15th, 2023]
- Automation Testing Market: Industry Overview, Size, Share and ... - Digital Journal - May 15th, 2023 [May 15th, 2023]
- Accelerate your speed of business with IBM Event Automation - IBM Newsroom - May 15th, 2023 [May 15th, 2023]
- 3M Brings Innovation to the Manufacturing Supply Chain Environment - MarketScale - May 15th, 2023 [May 15th, 2023]
- Jitterbit Survey Reveals Low-Code Application Platforms Play an ... - GlobeNewswire - May 15th, 2023 [May 15th, 2023]
- Turning value into actions: How leaders can use automation and AI ... - Elite Business Magazine - May 15th, 2023 [May 15th, 2023]
- Automation will combat stagnation | theHRD - The HR Director Magazine - May 15th, 2023 [May 15th, 2023]
- MG Tech Unveils New Palletizer with Yaskawa Cobot and Rockwell ... - Packaging Strategies - May 15th, 2023 [May 15th, 2023]
- How automation technology helped Cainiao deliver more than 200 ... - Parcel and Postal Technology International - May 15th, 2023 [May 15th, 2023]
- IT Priorities 2023: Business automation intensifies as data ... - ComputerWeekly.com - May 15th, 2023 [May 15th, 2023]
- Milking Automation Market Size, Share And Growth Analysis For 2023-2032 - EIN News - May 15th, 2023 [May 15th, 2023]
- Digitise your SMEs for Success: How can HR Automation empower you to Stay Ahead of the Game? - People Matters - May 15th, 2023 [May 15th, 2023]
- Verified acquires Pliance to compliment digital signatures with AML ... - Biometric Update - May 15th, 2023 [May 15th, 2023]
- HireVue acquires Modern Hire to bolster hiring automation capabilities - HR Dive - May 15th, 2023 [May 15th, 2023]
- Advanced thermal imager for industrial automation, inspection ... - AZoM - May 15th, 2023 [May 15th, 2023]
- Warehouse Automation Survey 2023: More robots are coming to a ... - Modern Materials Handling - May 15th, 2023 [May 15th, 2023]
- Agriculture Automation and Control Systems Market Untapped ... - Digital Journal - May 15th, 2023 [May 15th, 2023]
- Himachal Pradesh Government Prioritizes Digitization and ... - TheNewsHimachal - May 15th, 2023 [May 15th, 2023]
- An IT Executive's Guide to Automation - free eGuide - Neowin - May 15th, 2023 [May 15th, 2023]
- Are You Looking for a Top Momentum Pick? Why Rockwell Automation (ROK) is a Great Choice - Zacks Investment Research - February 20th, 2023 [February 20th, 2023]
- Industrial Automation Sensors Market is Predicted to Hit a Revenue of USD 37.76 Billion by Growing with a CAGR of 9.12% During 2022-2028; Growing... - February 20th, 2023 [February 20th, 2023]
- Declining Stock and Decent Financials: Is The Market Wrong About Honeywell Automation India Limited (NSE:HONAUT)? - Simply Wall St - February 20th, 2023 [February 20th, 2023]
- What is Automation? - ISA - International Society of Automation - February 5th, 2023 [February 5th, 2023]
- Free Online PLC Training from AutomationDirect - February 5th, 2023 [February 5th, 2023]
- Investing in Rockwell Automation (NYSE:ROK) five years ago would have delivered you a 65% gain - Simply Wall St - February 5th, 2023 [February 5th, 2023]
- The Robotic Process Automation (RPA) Market size was valued at USD 2.27 billion in 2021 and is predicted to reach USD 18.69 billion by 2030, with a... - January 10th, 2023 [January 10th, 2023]
- Bill would give North Dakota manufacturers a tax break on automation - The Center Square - January 10th, 2023 [January 10th, 2023]
- I just watched McDonald's next step into automation and why are you so mad about it? - ZDNet - January 10th, 2023 [January 10th, 2023]
- What if your colleague is a bot? Harnessing the benefits of workplace automation without alienating staff - The Conversation - January 10th, 2023 [January 10th, 2023]
- Will Hollysys Automation Technologies Ltd (HOLI) Stay at the Top of the Industrials Sector? - InvestorsObserver - January 10th, 2023 [January 10th, 2023]
- Valmet Oyj : to supply automation to three waste-to-energy plants in Sungnam City, Korea - Marketscreener.com - January 10th, 2023 [January 10th, 2023]
- How Automation Can Bridge The Gap Between Internal Operations And Customer Service Excellence - Forbes - December 26th, 2022 [December 26th, 2022]
- The Global Industrial Automation And Control Systems Market size is expected to reach $301.8 billion by 2028, rising at a market growth of 10.0% CAGR... - December 26th, 2022 [December 26th, 2022]
- Introducing the Automation Kit for Power Platform - December 16th, 2022 [December 16th, 2022]
- Salesforce com : Launches Automation Everywhere Bundle to Help Companies Lower Costs, Boost Productivity, and Deliver Success Now - Marketscreener.com - December 2nd, 2022 [December 2nd, 2022]
- ACE Convergence Acquisition Corp. and Tempo Automation, Inc. Announce Closing of Business Combination; Tempo Automation Holdings, Inc. to Trade on... - November 27th, 2022 [November 27th, 2022]
- Global automation major Diebold Nixdorf expands presence in India with Bengaluru facility - The Economic Times - November 27th, 2022 [November 27th, 2022]
- Structural Health Monitoring Market Report 2022: Increasing Requirement for Standardization and Automation for the Repair and Maintenance of Civil and... - November 19th, 2022 [November 19th, 2022]
- The mining automation market size is expected to grow from USD 3.1 billion in 2022 to USD 4.2 billion by 2027; it is expected to grow at a CAGR of... - November 19th, 2022 [November 19th, 2022]
- Cisco study: Network teams look to SDN, automation to manage multicloud operations - Network World - November 16th, 2022 [November 16th, 2022]