Financial services could save up to $140bn in the next five years by introducing more automation

Banks, insurance companies and capital firms are some of the businesses that could save hundreds of billions through automation and artificial intelligence.

That is according to new research from Accenture, the professional services firm.

The researchers found that North American banks could save more than $70bn by 2025, according to Business Insider.

Looking at the financial services industry as a whole, Accenture found that banks, insurance companies and capital markets firms could combined save between $87bn and $140bn by 2025.

The researchers explained that automation and AI investments could free up workers to do other, more important tasks and save a lot of time.

Accenture also noted that about half of the things loan officers, personal financial adviser, tellers and other bank employees could be performed by robots in the future.

The news comes as several banks in Europe have moved to restructure their offering by introducing new technologies and cut their staff numbers at the same time.

HSBC, TSB Bank, Deutsche Bank and Commerzbank are some of the financial institutions in Europe to have announced moves along these lines.

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