Why Automation is So Important in the Banking Industry
Updated: Mar 20
What is automation-as-a-service?
Automation-as-a-service (AaaS) is a cloud-based service that provides businesses with access to automation technology through a subscription model. The automation technology is delivered and managed by a third-party service provider, rather than being owned and managed by the company itself.
AaaS can automate a wide range of tasks, including data entry, process workflows, and repetitive manual tasks. This allows businesses to automate routine, repetitive tasks and focus their resources on higher-level tasks that require human expertise.
By using AaaS, banks can benefit from the latest automation technology without having to make large upfront investments in hardware, software, and in-house expertise. Instead, they can simply subscribe to the service and have access to the technology as a cloud-based service.
AaaS is increasingly popular in a wide range of industries, including finance, healthcare, retail, and more. It provides a cost-effective, scalable, and flexible way for businesses to automate their operations and improve efficiency.
Stealth Scaling's Potential in the Banking Industry
Banks can benefit from working with an automation company like Stealth Scaling for several reasons.
Improved efficiency: Stealth Scaling can help banks automate routine, repetitive tasks, freeing up employees to focus on higher-level tasks that can generate more incremental revenue.
Increased accuracy: Automated processes are less prone to errors than manual processes, and they provide consistent, accurate results every time. This can lead to improved accuracy in banking operations and can help to reduce errors that can negatively impact revenue.
Streamlined processes: Automation can help streamline processes and reduce wait times, leading to a better customer experience. This can help banks retain customers and attract new ones, resulting in increased revenue.
Scalability: Automation can be scaled up or down to meet changing business needs, making it easier for banks to respond to fluctuations in demand. This can help banks generate more incremental revenue by providing a better customer experience during peak times.
Cost savings: Automated processes can reduce labor costs, as well as improve efficiency and accuracy, leading to overall cost savings for banks. These cost savings can be reinvested in other areas of the business to drive additional revenue.
How much money can banks save using automation-as-a-service?
The exact amount of money that banks can save by using automation-as-a-service will vary depending on several factors, such as the size of the bank, the scope of automation, and the type of tasks being automated.
However, it is estimated that banks can save up to 30% or more on labor costs by automating routine, repetitive tasks. Additionally, automation can also lead to improved accuracy and efficiency, which can result in cost savings through reduced errors and increased productivity.
It is important to note that the savings from automation-as-a-service can vary depending on the specific implementation and use case, so it is difficult to provide a concrete estimate. However, the savings from automation are typically significant, and many banks have reported significant cost savings as a result of implementing automation technology.
In conclusion, working with Stealth Scaling would help banks automate routine, repetitive tasks, improve accuracy, streamline processes, increase scalability, and reduce labor costs. These benefits can help banks generate more incremental revenue by improving the customer experience, reducing errors, and freeing up employees to focus on higher-level tasks.
If you would like to get a free automation evaluation please fill out our contact form and our automation specialists will get in touch with you right away!