Automation Gives Competitive Advantage to APAC Financial Services Companies

The majority of Asia-Pacific financial services companies (APACs) say automation offers a competitive advantage, according to a new study commissioned by Appian in conjunction with Longitude.

The study finds that 63% of financial services organizations in the APAC region say that “investments in automation have helped them gain a significant competitive advantage in the market”.

The researchers write: “Automation drives competitiveness by helping 58% of APAC financial services organizations build and launch new applications faster than their competitors, as well as achieve significant cost savings for 78% of those. organizations.

The study also finds that the maturity of APAC financial services automation is currently high, with 58% reporting that they use automation extensively across their business and are a leader. industry in automation.

An additional 20% said they have pilots and automation tools in place that they are looking to expand.

Additionally, research shows that financial services organizations in the region are making long-term commitments to automation, with 78% having implemented an organization-wide strategy and 68% having established an organization-wide strategy. center of excellence in automation.

Meanwhile, recognizing the importance of having an organization-wide approach to automation rather than a siled approach to automation, 80% of those surveyed said they used a platform. unifying form to manage all their critical process automations.

The main benefits of automation for APAC financial services organizations include:

  • Quick access to a real-time end-to-end view of all customer journeys, processes, activities and related data (83%)
  • Faster customer onboarding processes (83%)
  • Easy access to all necessary data from a single interface (80%)
  • Less time spent by employees on repetitive manual processing tasks (75%)
  • Quick and easy system and process upgrades and changes (73%)

Luke Thomas, Regional Vice President of Appian A / NZ, said: “In an era when financial services organizations face new customer expectations and a highly competitive market, the ability to adapt immediately opens up opportunities. business opportunities.

“Using automation to build applications more cost effectively and faster can speed up business processes, improve the customer experience, and make the entire organization much more efficient. “

Thomas says: “Research shows a strong link between the size of a financial services organization and those leading the transition to automation.

“It is these leading financial services that are realizing automation gains that are shaping the future of the industry, but the research also clearly shows that all organizations in the APAC region have made significant investments in automation. “

Thomas concludes: “An automation platform that enables a unified end-to-end view of the customer and all business processes is of vital importance to financial services organizations.

“This is why we see so many financial services organizations in the APAC region implementing enterprise-wide automation strategies rather than ad hoc departmental automation strategies. “

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