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How to Balance Automation and Human Expertise on Finance Teams

The FinTech revolution continues to transform the global financial world as institutions leverage technology to optimize operations. Part of this approach includes embracing AI, machine learning, and automation to handle customer service or even securities trading. In a competitive business sector, formerly conservative organizations now rely on state-of-the-art IT to thrive.

In this environment, companies adopting FinTech need a strong balance between automation and traditional human expertise. The importance of customer trust remains important in finance, so this balance between AI and humans becomes crucial. Let’s take a closer look at a few insights on the right approach for automation at financial institutions.

Automation and The Digital Transformation of the Financial World

Financial companies adopt AI and automation for many of the same reasons as organizations in other business sectors. For example, using an AI-powered chatbot for customer service allows human CSRs to focus on more value-added tasks. This is especially the case when considering the importance of client interaction in finance. The representatives now concentrate on ensuring their clients receive meaningful advice on their portfolios and more.

Robotic process automation (RPA) also helps streamline the back offices of many financial institutions. Various time-consuming, mundane tasks in accounting, especially for monthly, quarterly, or annual close reports, benefit from automation. A recent research study noted that 88 percent of companies automating their close process finished within six days. Only 40 percent of the companies with an entirely manual process enjoyed the same velocity.

Using Automation to Drive Innovative Thinking

As opposed to using AI to replace human workers, it actually serves to drive innovation at financial institutions. It powers the brainstorming process, with data analytics providing insights to help employees craft new financial products or services. Adopting a balanced approach remains a critical piece in the competitive success of any institution leveraging automation.

Successfully implementing AI at a financial company requires a well-planned approach. Analyze existing processes and systems to identify those benefiting from the introduction of automation. Use pilot projects to gain critical experience with the tools and systems used for AI and data analytics.

Additionally, set achievable goals combined with understandable metrics to track the post-implementation results. Always ensure your employees understand that these tools serve to improve their productivity as opposed to replacing them. In the end, achieving this balance between automation and human insights helps your company succeed in its digital transformation.

Looking For New Finance Professionals?

When your company needs an influx of tech talent experienced in AI, connect with Synerfac. As one of the top technical staffing agencies in the country, we provide exceptional candidates to help your success. Schedule some time with us to discuss your current hiring needs.