Banking institutions to use more IT automation

Following an IT outage that affected severely the Bank of America’s online banking platform in early October, the banking sector is looking to automate more of its services to future-proof their businesses.

Indeed, investing in automation will help organizations prevent outages, identify the reasons for outages quicker, and get the systems back online faster. By automating routine tasks, such as monitoring and testing the businesses’ hardware, networks, data centers, and software, banks will be able to operate more efficiently and securely.

Moreover, the banking sector is also looking to use more AI-based applications and automation in order to create a foundation upon which more sophisticated operations can be layered, like onboarding new clients and credit scoring. However, banking and financial institutions usually have siloed, complex and expensive-to-maintain legacy IT systems, which remains an important challenge.

 

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