# Capitalising on Automation Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-06-20 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: How Techfin is Transforming the Finance Sector Meta Description: Learn how organisations can embrace digital transformation in the finance sector to secure their future position in the market. Discover the benefits of URL: https://financedigest.com/capitalising-on-automationhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/draft-1736839023827-compressed.jpg) By **Chris Bradshaw**, Chief Marketing Officer at [Blue Prism](https://www.blueprism.com/) The entire finance sector is feeling the impact of digital transformation, from fintech startups through to centuries-old banks – but some are embracing change better than others. If organisations are to implement successful digital transformation and secure their future position in the market, organisations must capitalise on the latest technology solutions. **Fintech or Techfin?** ![Chris Bradshaw](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/chris-bradshaw-450x300-1736839023781-compressed.jpg) Chris Bradshaw The [finance sector](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022") has a tech-first attitude. So much so, that economies in Asia are rephrasing the term ‘fintech’ into ‘techfin’ as a means of recognising the fact that technology is steering the future of finance. Digital disruptors such as Monzo and Starling Bank are transforming the [market and reshaping consumer expectations](https://www.financedigest.com/recent-research-waterjet-cutting-machine-consumables-market-is-expected-to-grow-at-a-cagr-of-4-8-by-2021-to-2031persistence-market-research.html "Recent Research: Waterjet Cutting Machine Consumables Market Is Expected To Grow At A CAGR Of 4.8% By 2021 to 2031:Persistence Market Research") of banking. In turn, traditional banks risk being left behind if the right actions are not taken to [meet rising customer expectations](https://www.financedigest.com/how-omnichannel-cx-can-help-insurers-meet-customer-expectations.html "How omnichannel CX can help insurers meet customer expectations"). In order to remain in the game, these [banks need](https://www.financedigest.com/could-the-npa-be-the-catalyst-banks-need-to-transform-their-payment-networks.html "Could the NPA be the catalyst banks need to transform their payment networks?") to ensure their internal infrastructures are fit for the modern markets and then streamline their operations and processes to safeguard the efficiency of human workers. Thanks to [connected-RPA](https://www.blueprism.com/news/blue-prism-drives-new-era-of-collaborative-innovation-and-intelligent-automation-with-connected-rpa) (Robotic Process Automation), organisations can create a connected entrepreneur enterprise. This means organisations can become more agile operators but minimise on the risk that comes with innovation. For example, connected-RPA unleashes an organisation’s entrepreneurs and [innovators from time-consuming and processed-based tasks and frees them to focus](https://www.financedigest.com/maximising-the-opportunities-available-from-marketing-technology-and-innovation-focused-thinking.html "Maximising the opportunities available from marketing technology and innovation focused thinking") on creative work that drives the business forward. It is these [opportunities that will help businesses](https://www.financedigest.com/electric-vehicle-transmission-market-emerging-growth-analysis-future-demand-and-business-opportunities-2027.html "Electric Vehicle Transmission Market Emerging Growth Analysis, Future Demand and Business Opportunities 2027") break outdated practices and embrace new ways of working. **The communications barrier** If the [finance sector is to capitalise on automation](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") to keep pace in its fast-changing sector dominated by disruptors, it must execute a successful implementation of connected-RPA. This means more than creating a strategic IT plan. It also means the benefits of connected-RPA [must be communicated and understood across the entire organisation – from CEO to intern](https://www.financedigest.com/a-taxing-issue-ten-tax-invoicing-pitfalls-that-international-businesses-must-avoid.html "A taxing issue: Ten tax invoicing pitfalls that international businesses must avoid"). Fail to educate and communicate these benefits, and organisation risk a failed scale-up and backlash from workers. In fact, [recent research](https://www.blueprism.com/resources/white-papers/global-rpa-survey-report) from Blue Prism highlights there is still progress to be made in terms of communicating the benefits of RPA. One of the most striking findings from this research is the news that despite popular belief that employees are afraid of losing their jobs to automation (a belief held by 70% of decision makers), just 37% of knowledge workers harbour fears about [job loss](https://www.financedigest.com/irish-consumer-sentiment-dips-slightly-on-tech-job-losses.html "Irish consumer sentiment dips slightly on tech job losses"). This gap in understanding is further highlighted by the fact that 94% of business decision makers understand the benefits of RPA and [Intelligent Automation](https://www.financedigest.com/why-intelligent-automation-should-be-a-top-priority-for-enterprises-in-2022.html "Why Intelligent Automation should be a top priority for enterprises in 2022") but only 73% of knowledge workers feel the same. The research highlights that there is a huge imbalance between the perceptions and realities of automation in business and, as a result, there is a [need for both decision makers and knowledge workers to work together to better communicate the real impact of RPA for businesses](https://www.financedigest.com/pstn-isdn-switch-off-what-businesses-need-to-know.html "PSTN/ISDN switch-off: what businesses need to know ") and workers alike. **Capitalising on automation** Despite a lack of understanding about the impact of RPA, [business decision makers and knowledge workers are in agreement on one thing – RPA is integral to the future](https://www.financedigest.com/surgical-equipment-market-high-trend-opportunities-offers-future-business-growth-by-2030.html "Surgical Equipment Market High Trend Opportunities Offers Future Business Growth by 2030") workplace. Business decision makers believe that RPA (95%) is [crucially important in driving digital transformation](https://www.financedigest.com/why-digital-transformation-in-finance-is-crucial-for-post-lockdown-success.html "Why digital transformation in finance is crucial for post lockdown success"). More than a third of knowledge workers also agree, with 34% of them not believing their business can remain competitive in the [next five years](https://www.financedigest.com/suedzucker-expects-to-raise-its-sugar-prices-again-next-year.html "Suedzucker expects to raise its sugar prices again next year") with a purely human workforce. This, alongside time-savings, cost-savings and the improved accuracy that [automation](https://www.financedigest.com/the-importance-of-upskilling-to-prepare-for-business-automation.html "The importance of upskilling to prepare for business automation") offers, could be amongst the reasons why an incredible 92% of business decision makers plan to extend use cases of automation across their businesses. Yet although decision makers and knowledge workers might agree on the importance of automation, the real challenge is how financial organisations choose to implement use [cases of automation across the business to best capitalise on the technology](https://www.financedigest.com/covid-19-makes-the-case-for-technology-and-automation-for-business-development-in-professional-services.html "Covid-19 Makes the Case for Technology and Automation for Business Development in Professional Services"). For the finance sector, connected-RPA enables centuries-old [banks to remain current amongst their fintech](https://www.financedigest.com/digital-banking-traditional-banks-vs-fintech-providers.html "Digital banking: Traditional banks vs. fintech providers") competitors. Gerald Pullen, Head of Continuous Improvement & RPA from Lloyds [Banking Group](https://www.financedigest.com/ant-group-starts-to-differentiate-consumer-loan-business-jiebei-from-bank-loans.html "Ant Group starts to differentiate consumer loan business Jiebei from bank loans") has stated that “embracing RPA has been a part of the ‘bank-of-the-future’ objective and freeing up colleagues from mundane, repetitive tasks. We’ve taken the robot out of the human, in order to enable those colleagues to fulfil more purposeful roles, as we forge ahead with the next stage of our strategy.” Thanks for RPA, [traditional banks](https://www.financedigest.com/how-partnerships-between-fintech-start-ups-and-traditional-banks-herald-a-brave-new-world-of-opportunity.html "How partnerships between FinTech start-ups and traditional banks herald a brave new world of opportunity") can put customers front and centre of their offering and can compete alongside the likes of Monzo and Starling, through spending less time on internal processes and turning their attention to customer service. Financial organisations must secure their [future by embracing digital transformation](https://www.financedigest.com/the-future-of-fintech-forging-ahead-with-digital-transformation.html "The future of fintech: Forging ahead with digital transformation") and engaging their workforce in new ways. In addition to implementing the latest connected-RPA solutions, organisations also need to ensure they are [training and communicating the benefits of connected-RPA and automation to their staff](https://www.financedigest.com/why-training-staff-on-new-technology-should-not-be-overlooked.html "Why training staff on new technology should not be overlooked"). Breaking down this communication barrier is critical if businesses are to capitalise on automation successfully. If the entire business is not on board, then financial organisations will lag in the [race to secure](https://www.financedigest.com/winning-the-security-race-how-financial-services-can-keep-pace-with-cybercriminals.html "Winning the security race: how financial services can keep pace with cybercriminals") their future position in the market. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---