A survey commissioned by an intelligent-automation firm quantifies certain financial and operational benefits from technology adoption across global financial services.
According to a commissioned Forrester Consulting study*, financial institutions implementing intelligent automation solutions have been experiencing a 5.4% compound annual growth rate in incremental profit over three years.
Another finding links automation and AI technologies to transforming customer experience strategies across the Asian banking sector amid rising consumer expectations.
Also, the data indicates that AI adoption varies significantly across the Asian region. In Malaysia, over 80% of respondents from banks had cited implementing at least one AI-related project, primarily focusing on customer analytics, fraud detection, and electronic Know-Your-Customer processes. Other data indicate that generative AI usage has been spreading rapidly in Japanese banks, with approximately 30% already deploying the technology.
In India, data from the respondents showed that the country’s banking sector has embraced AI-powered customer service solutions, with chatbots providing 24/7 assistance in multiple languages.
Other findings
The data showed Australia respondents’ citing of 78% adoption was the highest in the survey, followed by those from India (49%), Hong Kong (47%), Malaysia (44%), and Singapore (28%). Forrester analysts commissioned to interpret the findings have noted that these disparities reflect differences in investment levels, regulatory frameworks, and availability of AI talent and infrastructure. According to James Lucas, Vice President of Sales (ASEAN and Greater China Region), SS&C Blue Prism, the firm that commissioned the study: “Customers expect real-time solutions, meaningful engagement, and greater value at no added cost. This is amplified amongst younger generations, influenced by the high-tech, digital-first experiences provided by fintech companies. To meet these demands, financial companies (have to) embrace AI-driven solutions, automation, and process orchestration — all of which are transforming customer experience strategies.”
*performed in 2024 around a survey of 166 global decision makers^ to gather quantitative data on automation benefits and usage, with additional data from five in-depth interviews with customers linked to the firm that commissioned the survey. Other Forrester research methodologies were used to assess costs, benefits, risks, and flexibility over a three-year period to calculate return on investment (ROI) and net present value (NPV) and a “composite organization analysis” to calculate the economic impact attributed to revenue growth due to adoption of intelligent automation.
^Respondents were decision makers in the areas of Robotic Process Automation and/or Business Process Management, from Australia (6), Belgium (5), Canada (12), France (15), Germany (16), India (7), the Netherlands (7), New Zealand (2), Singapore (8), the UAE (8), the UK (20) and the USA (60). Respondents came from Healthcare (24%), Financial Services (23%), Manufacturing (23%), the Public Sector (22%), and Energy, Telco and Utilities (8%)
