Automation the future of financial services

DST System’s Shaun McKenna has told Money Management that there is a growing trend in the financial services industry to achieve wholly or partially automated processing systems.

McKenna said in what has been coined the “fourth industrial revolution”, removing costs, implementing technologies and driving automation was the future of the financial services industry, particularly in sectors that currently have a disjointed claims process, for example life insurance.

The high-touch points would still require person-to-person service, but for commodity and claims processes, automation would soon substitute traditional operating models.

McKenna said that although the automation process has made some ground, many large corporations that have acquired systems and companies were facing challenges, as their branches had become more disjointed. DST’s key concern, then, was ensuring that organisations are “fit and ready” to take automated technology on.

“Things like manual processes and legacy systems have stopped the automation process, so it’s about reconciling to find the target state, and identifying what technologies can be used to get there,” said McKenna.

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Source: Automation the future of financial services | Money Management