Rob Paisley, Strategic Industry Director – Global Team Lead at SS&C Blue Prism
In today’s rapidly shifting economic environment, financial services organisations face mounting pressure to innovate. Challenges such as global inflation, rising living costs, and surging consumer expectations have made the demand for seamless, personalised, and cost-effective experiences more urgent than ever. Customers now expect real-time solutions, meaningful engagement, and enhanced value without added costs.
The message for financial institutions is clear: adapt and evolve or risk being left behind. To address these challenges, forward-thinking financial companies are adopting AI-driven technologies, automation, and process orchestration to transform their customer experience (CX) strategies. In a highly competitive market, investing in intelligent automation (IA) is no longer optional—it’s essential for staying relevant and driving growth.
A 2024 Forrester Consulting Total Economic Impact™ (TEI) study, commissioned by SS&C Blue Prism, highlights the growing importance of automation, revealing a 5.4% compound annual growth rate (CAGR) in incremental profit over three years for companies leveraging automation solutions. This marks a dramatic shift from 2017 when 92% of the value of automation was attributed to cost savings. Today, 73% of its value comes from incremental profit—clear evidence that intelligent automation has evolved from a cost-saving tool to a critical growth enabler in the financial services industry.
Addressing changing customer expectations
Consumers today navigate digital and physical interactions with ease, expecting real-time access to information, customised solutions, and streamlined experiences. Whether they’re using mobile apps, intelligent chatbots, or visiting branches, customers expect consistent, personalised service—especially amid economic uncertainty.
Younger generations, influenced by the high-tech, digital-first experiences provided by FinTech companies like Amazon and Instacart, are raising the bar for digital interactions. These platforms exemplify this shift with rapid refunds and seamless automated processes—standards that traditional financial institutions find challenging to replicate.
Financial institutions must adapt to this paradigm, where expectations are no longer set by traditional competitors but by tech-forward firms that prioritise customer convenience. Institutions slow to meet these standards are seeing customers gravitate toward the most efficient players which can offer competitive rates due to operational efficiencies. This trend illustrates a broader market dynamic: consumers increasingly favour providers who prioritise efficiency and experience, even when those services come at a higher cost.
Human-centered automation
Generative AI, machine learning, and advanced analytics are essential tools for enhancing customer experiences—not only by improving efficiency but by adding a personal touch. With self-service AI solutions offering instant responses, financial organisations can reduce human intervention for routine tasks, allowing advisors to focus on complex or sensitive interactions. This enhances customer satisfaction by delivering speed and accuracy without sacrificing empathy.
However, to stay competitive, organisations must balance automation’s efficiency with a human touch, especially in high-stakes decisions. And with 33% of firms using automation reporting faster service, and 36% noting a reduction in errors and complaints, it is clear that IA can maintain both precision and customer rapport.
Finance leaders must take decisive action to harness these capabilities. Integrating IA thoughtfully can elevate customer experience to a competitive advantage, helping institutions thrive in a landscape where both efficiency and empathy are paramount.
Targeted automation for enhanced experiences
Automation has swiftly become a strategic imperative for financial services, delivering operational efficiencies and enriching customer experiences. In fact, 61% agree the approach to automation adoption is strategic and business-oriented. Technologies like robotic process automation (RPA), AI, and intelligent document processing (IDP) are revolutionising operations, allowing firms to cut costs while improving service quality.
By merging automation with AI, companies can streamline workflows, reduce manual tasks, and provide faster, more consistent services. RPA automates routine data entry, freeing employees to focus on high-value activities, while AI delivers real-time insights that enhance customer interactions.
A case in point is ABANCA, which achieved a 60% faster response time for customer inquiries by deploying SS&C Blue Prism’s IA and generative AI tools. Over the duration of the program, digital workers completed 150,000 workdays, improving both customer and employee experiences. Insurance company SILAC, achieved a 75% improvement in claim processing speed by integrating automation. Intelligent automation enables financial institutions to scale operations while upholding the exceptional service customers expect.
Investing in AI-powered automation positions organisations to adapt swiftly to market changes and evolving customer demands. As the desire for personalised, immediate services grows, automation empowers companies to meet these expectations efficiently and remain competitive.
The moment to embrace AI is now
The financial services sector is experiencing a profound transformation driven by shifting customer expectations and rapid technological innovation. While FinTech companies initially disrupted the market with digital-first, customer-centric solutions, major banks are now regaining their footing by acquiring these disruptors and incorporating their innovations. To thrive in this evolving landscape, financial organisations must adopt AI and intelligent automation (IA) tools that are becoming indispensable for future-proofing the customer experience.
Organisations investing in IA today are better equipped to deliver seamless, personalised, and empathetic experiences that foster customer loyalty and drive growth. Conversely, those delaying AI adoption risk falling behind in customer satisfaction and operational efficiency.
The future of customer experience in financial services belongs to those who embrace these transformative technologies. By adopting AI-driven solutions, forward-looking organisations can not only meet rising customer demands but also differentiate themselves in a competitive marketplace.
The time to act is now. By leveraging AI and automation, financial services companies can strengthen customer relationships, enhance operational efficiency, and secure a lasting competitive advantage. AI adoption is no longer just a strategy for improving customer experience—it is the cornerstone of building a resilient, future-ready business.
