Infographic was created to showcase the statistics on the current state of process automation in the financial services sector.
Copyrights: Can be reused only if is linked to the source: https://aurachain.ch/blog/4-ways-low-code-can-help-financial-services-digital-transformation/
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Infographic THE STATE of automation in the Financial Sector
1. Traditional software
development
projects can take
anything
from 6 up to 18
months to
complete.
THE STATE OF AUTOMATION
IN THE FINANCIAL SECTOR
of senior management teams
name process automation as
the top implementation focus
of their digital transformation
strategy.
Moreover, financial services
firms are not finding it easy to
recruit the developer talent,
with 87% of executives
experiencing skill gaps in the
workforce.
That's far too long for any bank
or financial services organization
attempting to automate and
improve company operations.
Attempting to solve hyper-
automation via traditional
development is likely to result in
an ever-growing backlog of
software requests.
of banks have committed
to some form of digital
transformation.
88%
27%
4 K E Y S T A T S T H A T E X P L A I N
Source: McKinsey survey
Source: Global risk management survey by EY
Perhaps this developer shortage
can go some way to why only 27%
of banks have committed to some
form of digital transformation.
And that's despite the COVID-19
pandemic forcing many to the
digitalization of certain processes
out of sheer necessity.
Source: 'What's Going on in Banking 2021'
report, Cornerstone Advisors
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