The State of Automation in Banking

In response to the tumult and increased regulation resulting from the 2008 global recession, the banking and financial services industry became the early adopters of robotic process automation (RPA) in order to streamline processes, manage compliance, and eliminate time-consuming manual tasks. When the global economy faced a new kind of tumult in 2020, banking was already one of the most mature innovators in automation. Continually propelled by pressing needs, the industry is starting to embrace intelligent automation. This article reviews the current state of automation in banking, as well as practices that ensure automation is a competitive advantage.