{"id":20548,"date":"2022-10-21T18:26:57","date_gmt":"2022-10-21T12:56:57","guid":{"rendered":"https:\/\/open.money\/blog\/?p=20548"},"modified":"2023-07-05T12:42:35","modified_gmt":"2023-07-05T07:12:35","slug":"autonomous-finance-is-the-future-of-business-banking","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/autonomous-finance-is-the-future-of-business-banking\/","title":{"rendered":"Autonomous Finance: FSIs Filling the Consumer Expectation Gap"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Daily, people\u2019s lives are becoming increasingly automated as millions of algorithms make decisions and take actions on consumers\u2019 behalf. The shift toward autonomous finance services starts with automated investment management, savings, and payments. Algorithm-based services lower the cognitive burden on users and strive to enhance financial results.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The customer experience (CX) has always been a priority for Financial Service Institutions (FSIs). However, in the wake of COVID-19, it has become a survival imperative and deprioritised CX, given the sudden impending need for digital services from clients. The FSIs set on the end of \u201cbusiness-as-usual\u201d has left financial institutions scuffling with the twin challenge of conserving the financial health of their clients and preserving their own in a long period of financial uncertainty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial Service Institutions are preparing for the year forward, and most realise that supporting customer retention is an intelligent bet. Research shows that building a customer-centric, digital-first financial institution is necessary, as <\/span><a href=\"https:\/\/www.ey.com\/en_om\/banking-new-decade\/how-banks-can-stay-relevant-as-customer-preferences-change\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">customer-centric FSIs<\/span><\/a><span style=\"font-weight: 400;\"> outshine their more-traditional counterparts. But what other trends should they pay close attention to that will help them stand out and keep their customers happy?<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/public.tableau.com\/app\/profile\/salesforceresearch\/viz\/TrendsinFinancialServices\/TrendsinFinServ\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">89 %<\/span><\/a><span style=\"font-weight: 400;\"> of financial services leaders acknowledge that the first FSIs to deploy autonomous finance will carve out a sizeable competitive advantage and a niche for themselves;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/public.tableau.com\/app\/profile\/salesforceresearch\/viz\/TrendsinFinancialServices\/TrendsinFinServ\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">60 %<\/span><\/a><span style=\"font-weight: 400;\"> of financial institutions assume that autonomous finance improves personalisation and enhances customer experience (CX).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As things stand right now, over <\/span><a href=\"https:\/\/www.statista.com\/statistics\/1273868\/hungary-cfos-on-automation-of-finance-and-accounting-processes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">50 %<\/span><\/a><span style=\"font-weight: 400;\"> of the finance and accounting activities are largely automated: processing transactions, procurement, preparing financial reports, planning\/forecasts, etc.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Forrester Research <\/span><a href=\"https:\/\/go.forrester.com\/blogs\/introducing-autonomous-finance-forresters-new-research-on-algorithm-based-financial-services\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">defines<\/span><\/a><span style=\"font-weight: 400;\"> autonomous finance as algorithm-driven financial services that make decisions or take action on a customer\u2019s behalf.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Gaps in technology and customer expectations<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We discussed in the previous blog <\/span><a href=\"https:\/\/open.money\/blog\/how-neobanks-are-defining-the-future-of-banking\/\"><span style=\"font-weight: 400;\">how neobanks redefine the future of banking<\/span><\/a><span style=\"font-weight: 400;\"> and how many traditional banks struggle to convert most of their offline services to digital ones. Traditional banks tied down with inflexible underpinnings have it even more difficult. Customers slowly begin to move towards fintech solutions that integrate their bank accounts with the facilitating neobank and provide all banking functions in one place.\u00a0<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201c42 % of bank executives polled said that they were unsure about how to integrate and streamline office functions effectively from back to front, and 46 % said they are unsure how to embrace open banking, orchestrate the ecosystem or become a truly data-driven organisation.\u201d <\/span><\/i><i>\u2013 <\/i><b><i>World Banking Report 2021.<\/i><\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Many customers switched as they felt that the traditional banks, with the immense resources available at their beck and call, could have given improved personalised services. The gap between the services offered by conventional banks and what customers expected from them widened.\u00a0\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20564 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1.png\" alt=\"The customer experience gap\" width=\"3130\" height=\"2188\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1.png 3130w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1-300x210.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1-1024x716.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1-768x537.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1-1536x1074.png 1536w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph1-2048x1432.png 2048w\" sizes=\"auto, (max-width: 3130px) 100vw, 3130px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Neobanks such as Chime, Open, and Affirm provide personalised solutions with the help of their partner banks. Partner banks such as Celtic Bank, ICICI Bank, and Green Dot Bank currently lead the pack in working with neobanks to deliver banking solutions. They are doing well by implementing autonomous finance to some extent; many, however, still struggle to capture the importance of serving excellent customer experience for long and sustainable growth. The pandemic has only made the gap between expectations and services offered.\u00a0<\/span><\/p>\n<figure id=\"attachment_20565\" aria-describedby=\"caption-attachment-20565\" style=\"width: 3126px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-20565 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2.png\" alt=\"Autonomous Finance: Bank Priorities in next 2 years\" width=\"3126\" height=\"1880\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2.png 3126w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2-300x180.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2-1024x616.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2-768x462.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2-1536x924.png 1536w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph2-2048x1232.png 2048w\" sizes=\"auto, (max-width: 3126px) 100vw, 3126px\" \/><figcaption id=\"caption-attachment-20565\" class=\"wp-caption-text\">Source: Salesforce Research<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to Salesforce, 68 % of customers\u2019 expectations from digitally capable FSIs grew during Covid-19, yet many FSIs failed to meet the expectations. While rushing to meet customers&#8217; fast-rising demands for digital services, FSIs pushed customer experience aside to implement new technologies to improve customer trust.<\/span><\/p>\n<figure id=\"attachment_20566\" aria-describedby=\"caption-attachment-20566\" style=\"width: 3126px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-20566 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1.png\" alt=\"Fall In Priority of CX\" width=\"3126\" height=\"3433\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1.png 3126w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1-273x300.png 273w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1-932x1024.png 932w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1-768x843.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1-1399x1536.png 1399w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-3_1-1865x2048.png 1865w\" sizes=\"auto, (max-width: 3126px) 100vw, 3126px\" \/><figcaption id=\"caption-attachment-20566\" class=\"wp-caption-text\">During the pandemic, the customer experience fell in priority from top to 5th for the banks. Source: Salesforce Research<\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400;\">Filling the CX Gap: Long-Term vs Short-Term Goals<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Business priorities change with time, but FSIs cannot ignore what customers want. Post-pandemic, customers have become increasingly critical of their expectations of the service the banks deliver and have become creators and critics who dictate what they want. Most customers are willing to pay a small premium to get personalised attention and services that cater to their needs.<\/span><\/p>\n<figure id=\"attachment_20567\" aria-describedby=\"caption-attachment-20567\" style=\"width: 545px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-20567\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-4.png\" alt=\"Emergence of mass personalization and CX\" width=\"545\" height=\"636\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-4.png 545w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-4-257x300.png 257w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><figcaption id=\"caption-attachment-20567\" class=\"wp-caption-text\">Source: The Deloitte Consumer Review, Made-to-order: The rise of mass personalisation<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Businesses need to understand that customers love attention like most other people. A puppy or a child would do anything to get attention from its parent, from messing around to throwing tantrums. Customers will do it by slowly ignoring the concerned business, which can cost them a lot in the long term. Therefore, companies must balance their short-term and long-term goals and activities and give customers well-deserved attention.<\/span><\/p>\n<figure id=\"attachment_20568\" aria-describedby=\"caption-attachment-20568\" style=\"width: 2842px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-20568\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5.png\" alt=\"Demand for Personalization\" width=\"2842\" height=\"3481\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5.png 2842w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5-245x300.png 245w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5-836x1024.png 836w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5-768x941.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5-1254x1536.png 1254w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-5-1672x2048.png 1672w\" sizes=\"auto, (max-width: 2842px) 100vw, 2842px\" \/><figcaption id=\"caption-attachment-20568\" class=\"wp-caption-text\">Source: State of Connected Customers, 5th Edition, Salesforce<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">FSIs primarily indulge in two kinds of activities consistently: <\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stabilisers FSIs <\/b><span style=\"font-weight: 400;\">bend towards short-term activities that mitigate risks of urgent nature and focus on short-term wins.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Growth-oriented FSIs<\/b><span style=\"font-weight: 400;\"> focus on activities that build long-term relationships with customers.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Some FSIs are more focused on short-term goals than the long-term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, the pandemic brought drastic changes in customer service request volumes for many FSIs. According to <\/span><a href=\"https:\/\/www.americanbanker.com\/news\/how-banks-prepared-call-center-reps-to-handle-surge-in-volume-from-home\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Asian Banker<\/span><\/a><span style=\"font-weight: 400;\">, large banks witnessed a 43.3 % increase in call volumes in 2020\u2019s first quarter alone, with wait times averaging over 40 minutes. On average, customers use approximately <\/span><b>nine<\/b><span style=\"font-weight: 400;\"> channels, such as social media, web chats, emails, calls, etc., to connect with the FSIs to communicate their challenges. There are two ways to deal with it:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fix the issue, record it, and keep it safe. Then later, forget about it. (Stabilisers)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fix the problem, register it, learn from it, and make future-ready changes to the system so that no one ever faces the same challenges. (Growth-oriented)<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">A type of fix FSIs choose for a problem is a choice they make based on their end goals which are again based on the mindset of the key stakeholders. Growth is something that all FSIs look for, but there are only a few that implement it. Comparing the stabilisers vs growth-oriented FSIs, the latter were 22 % more inclined to invest in omnichannel services and 15 % more likely to expand their support capabilities to new channels. Growth-oriented FSIs are 12% more likely than Stabilisers to personalise outreach and 24% more likely to improve their UX(Trends in Financial Services Report 2021, Salesforce).\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-20570\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-6.png\" alt=\"CX actions FSIs are currently taking\" width=\"642\" height=\"519\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-6.png 642w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-6-300x243.png 300w\" sizes=\"auto, (max-width: 642px) 100vw, 642px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Growth-oriented FSIs have prioritised investing in personalisation, automation, virtualisation and cloud-based solutions to provide an intimate customer experience to every customer at scale.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-20571\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7.png\" alt=\"Top Tools to reduce CX gap\" width=\"2672\" height=\"1384\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7.png 2672w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7-300x155.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7-1024x530.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7-768x398.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7-1536x796.png 1536w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-7-2048x1061.png 2048w\" sizes=\"auto, (max-width: 2672px) 100vw, 2672px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Autonomous Finance: Lunging the CX Gap<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Providing the best-personalised communication with highly customised UX for a better user experience for every customer at a scale can be challenging. Still, it\u2019s not just a pipe dream for FSIs anymore. Even though FSIs invest heavily in the aforementioned technological capabilities, will autonomous finance be enough to bridge the CX gap created during these trying times?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Larger FSIs sit on a treasure trove of enormous amounts of valuable customer data, from buying histories to lending information to travel and medical information. Even with the newer data regulations about ownership, financial institutions are well placed to evolve into highly personalised data brokers in customers\u2019 lives, even beyond financial services, and play a more profound role in tomorrow\u2019s society. In this context, rebuilding trust is key to the bright future of financial services. Through autonomous finance, FSIs can learn and understand each customer&#8217;s behaviour.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial services should integrate more and more seamlessly with consumers&#8217; lifestyles and devices, and organisations can use artificial intelligence to calculate personalised value analyses. The systems and technologies involved need to be highly trustworthy to succeed. The FSIs must understand that they must embrace customers&#8217; goals more closely rather than solely focus on becoming a profit and growth powerhouse.\u00a0<\/span><\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cDisruption will not be a one-time event, but rather a continuous pressure to innovate that will shape customer behaviours, business models, and the long-term structure of the financial services industry.\u201d\u00a0<\/span><\/i><\/p><\/blockquote>\n<p><i><span style=\"font-weight: 400;\">&#8211; <\/span><\/i><b><i>World Economic Forum.<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Growth-oriented FSIs are inclined to leverage customer data for autonomous finance. It is powered by artificial intelligence to analyse consumer behaviour, mitigate fraud risk, and recommend relevant products and services to enhance customer experience. AI-powered bots will be available 24&#215;7 and continuously feed on customer data to increase intelligence to deliver the right products and services to gain consumer trust. Even if scaling personalised offerings is challenging, autonomous finance can aid in bridging the gap between expectations and offerings.<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201cAutonomous finance is the organic convergence of all the technology innovation we\u2019ve seen over the years, from AI to unprecedented access to data.\u201d\u00a0<\/span><\/i><\/p><\/blockquote>\n<p><i><span style=\"font-weight: 400;\">&#8211; <\/span><\/i><b><i>Rachid Molinary, SVP of Digital Strategy &amp; Innovation at Banco Popular.<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Customer expectations differ based on the product offerings of FSIs. Autonomous finance can use its capabilities to make automated decisions for customers.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Retail bankers are focused on automatic account transfers. Based on customer behaviour, the AI can determine the frequency and amount of transfers subject to balance and goal-setting availability. <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance leaders&#8217; top use case is in processing claims, which can potentially reduce manual errors and resources required. <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For wealth management FSIs, autonomous finance will help foresee investment optimisation through automated savings,\u00a0 rebalancing portfolios,\u00a0 reinvesting dividends, or tax-harvesting strategies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SME banking can use it to automate fund allocation of a business by understanding departmental expenses, automatic timely tax payments with required paperwork submission, reinvesting profits in various avenues of growth, pre-approve and automatic business loan disbursal and multiple other functionalities.\u00a0<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20572 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24.png\" alt=\"How FSIs can leverage Autonomous Finance\" width=\"1943\" height=\"2182\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24.png 1943w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24-267x300.png 267w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24-912x1024.png 912w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24-768x862.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24-1368x1536.png 1368w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/Artboard-24-1824x2048.png 1824w\" sizes=\"auto, (max-width: 1943px) 100vw, 1943px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Benefits of Autonomous Finance<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The customer benefits of autonomous finance emphasised so far is that it directly addresses the customer experience shortfalls worsened through the pandemic. Six in 10 FSIs deem better personalisation the maximum use of enforcing the new capability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, autonomous finance strives to break down the complexity to produce better outcomes at scale. In times of economic turbulence, solutions that streamline financial decisions \u2013 like automated micro-savings tools \u2013 could be a blessing for consumers skimming through ways to increase their savings acquiescently.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The top reported business benefits also relate directly to the customer: autonomous finance\u2019s top business benefit is associated with enhancing customer experience and providing businesses with a better insight into their consumers.\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_20573\" aria-describedby=\"caption-attachment-20573\" style=\"width: 2672px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-20573\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10.png\" alt=\"Expected Business Benefits of Autonomous Finance\" width=\"2672\" height=\"977\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10.png 2672w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10-300x110.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10-1024x374.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10-768x281.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10-1536x562.png 1536w, https:\/\/open.money\/blog\/wp-content\/uploads\/2022\/10\/graph-10-2048x749.png 2048w\" sizes=\"auto, (max-width: 2672px) 100vw, 2672px\" \/><figcaption id=\"caption-attachment-20573\" class=\"wp-caption-text\">Source: Salesforce Research<\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400;\">Future of Autonomous Finance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Consumers have become increasingly demanding from financial services providers, and there is a near consensus in the industry that autonomous finance will be a significant differentiator soon. According to 89% of financial services leaders, the first financial services companies to implement autonomous finance successfully will gain a substantial competitive edge.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While today&#8217;s top use cases concentrate on drastically improving process efficiencies, the next generation has the prospect of unlocking entirely new value-creation chains. Autonomous finance usage will gradually shift from operational refinements to net-new customer requisitions as the use evolves.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the future, insurers could present new value propositions like modularising policies or creating and insuring new risk genera. For example, retail banks could instinctively pick and dispense budgets for higher education to the savings accounts of young parents.\u00a0 Similarly, for SME banking, banks can disburse pre-approved business loans at the time of need by understanding the business&#8217;s paying power or financial health.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"Daily, people\u2019s lives are becoming increasingly automated as millions of algorithms make decisions and take actions on consumers\u2019&hellip;","protected":false},"author":56,"featured_media":20555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","footnotes":""},"categories":[447],"tags":[],"class_list":{"0":"post-20548","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-archive","8":"cs-entry"},"_links":{"self":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/20548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/comments?post=20548"}],"version-history":[{"count":0,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/20548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media\/20555"}],"wp:attachment":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media?parent=20548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/categories?post=20548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/tags?post=20548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}