Automation can transform how financial services firms operate, enhancing the efficiency of internal operations and customer satisfaction. However, if not implemented correctly, it can introduce complexity, risk, and fragmentation. The proliferation of automation tools and the growth of interconnected systems has created a tangled web of interdependencies that are becoming increasingly difficult to manage. Financial institutions are now managing an average of 50 endpoints to execute tasks that are part of a business process. Without a fundamental shift in approach, financial institutions risk ‘Automation Armageddon’ due to a lack of control and the risk of core business processes failing. As AI becomes more embedded in decision-making, firms have a responsibility to understand how models are trained, deployed, and maintained. The author also highlights the difficulty of fully embedding AI-driven processes end-to-end, highlighting challenges faced by 79% of FS firms.
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