With evolution in digital technology and mobile solutions, it is crucial to modernize various processes in the banking sector. Although many processes may require human interference and supervision, many manual processes in the banking sector may be repetitive, time-consuming and can hence be automated. Automation can help streamline various tedious processes that would have otherwise had to have been performed manually by an organizational employee.
Performing certain tasks manually may increase the risk of human error. Although human error is almost unavoidable in certain situations, the potential risk associated with handling large sums of money, maintaining customer databases and monitoring client relationships should be avoided at all costs.
Therefore, it is greatly beneficial for banking institutions to eliminate certain manual processes that may result in these errors. Recent studies have shown that 66% of employees view automation as being instrumental in reducing data errors.