How is Automation Impacting The World Of Finance?
This blog will tell you in less than 5 minutes how automation is transforming the financial sector worldwide.
Has the word automation become a little too noisy?
Or is automation taking away the jobs of the finance professionals like CA/CPA etc?
Let’s check it out in this blog.
I think there is too much conversation going on around automation.
Check out this old movie hidden figures. This movie revolves around three women who were human calculators. This movie gave a very inclusive glimpse of how calculations were done when there were no calculators.
Did digital calculators render people making mundane calculations jobless?
Well, the answer to this question is YES + NO.
Yes, because now we did not require human capital to make those thousands of calculations and maintain transactional records on paper.
No, because the same automation/innovation helped institutions deploy human capital into more cognitive activities.
Thus, finance professionals are here to stay.
However, mundane repeated tasks would be automated. The human capital will then be deployed to do more cognitive tasks.
This Fin-tech wave, automation etc. is not a new disruption. This has happened multiple times in our lives in the past.
Technology has disrupted a lot of spheres of our lives. Calculators, computers, cell phones etc. have completely transformed how we live in the modern world today.
Then, why we don’t make a fuss about those transformations?
On the other, there is so much noise around automation.
Automation in finance is the sophisticated use of the same tech stacks to execute repetitive tasks in:
(A) A More pocket-friendly way.
(B) More accurate manner.
The same technology in the form of automation is forcing us to come out of our comfort zones.
This is the core reason why there is so much noise around automation.
Another important fact to understand is that tasks can be automated. However, it will bring in multiple new opportunities for the cognitive mind to play the role.
For e.g. you can automate sending emails to your employees. Also, you get all the business intelligence reports as to who has opened the email, who has replied, etc. However, interpreting the data is a very cognitive task.
Only humans can do it.
Thus, Automation is changing the landscape of the finance sector. It is helping institutions save tons of money and time. It is helping enterprises make more money, operate at a faster pace and increase accuracy.
To add to this, the workforce involved gets to do cognitive work that requires human intelligence.
To conclude, automation is the future of every financial institution. All smart bankers are making use of custom automation tools to do the following.
- Increase the pace and efficiency of daily mundane compliance tasks.
- Reduce operating costs by replacing human capital with bots.
- Free up the human capital to do more meaningful cognitive tasks.
We help founders/CXOs in Finance/BFSI/NBFC sector companies make use of Tech stacks to automate their repeated tasks using AI/ML.
You can set up a free consultation/discovery call with our tech team to find out about automation opportunities in your current business environment.
Feel free to write to us at firstname.lastname@example.org Consultation call. Our most experienced business team will reach out to you to schedule a call.