Automation Tomorrow #81
Dear Trailblazers!
With rapid advancements in AI, Automation and Integration, it's easy to get caught up in the excitement and rush to conclusions. However, at Accelirate, we believe the power lies in asking the right questions. So, from this edition and moving forward, we're diving deep into the why, how, and what of automation, inviting you to join the conversation!
?? Question of the Week: How hyperautomation is solving complex business problems? Share your thoughts in the comments below, and let's build an interactive community together!
Highlights of Automation Tomorrow #81
Everything You Need to Know About Salesforce Dreamforce 2024
Salesforce Dreamforce 2024 promises to be an exciting event, scheduled from September 17 to 19 in San Francisco. This year’s conference will feature over 1,500 sessions, including 115+ visionary keynote speakers, product announcements, hands-on learning, networking opportunities, and entertainment. That’s not all! Expect big innovation announcements and insights around Einstein AI, Customer 360, Marketing Cloud innovations, and Data Cloud for CRM, empowering your organization to leverage vast amounts of data for smarter decision-making.
What is Hyperautomation? The Next Evolution in Automation Technology
According to Gartner , businesses can reduce operational costs by 30% by integrating Hyperautomation with updated operational processes.
Businesses are constantly looking for new ways to streamline processes and improve workflows. Hyperautomation is proving to be just the right technology for them as it integrates advanced technologies to automate complex business operations. In this whitepaper, our automation experts explore everything you need to know about Hyperautomation, its tools, technologies, and the amazing impact it can have on your organization.
Automation Enables a Leading Automobile Services Provider to Achieve USD 870,000 ROI
The client, a prominent automobile services provider in the USA, operates 100 stores nationwide, offering comprehensive car care solutions to vehicle owners. However, they faced challenges due to the lack of standardized systems, resulting in inefficiencies in payroll, ticketing and inventory management. These manual processes were time-consuming and prone to errors, leading to decreased productivity and increased costs. To address these issues, the client associated with Accelirate, a global automation services provider, to implement a tailored automation ecosystem that streamlined these processes, leading to significant improvements in operational efficiency.
Featured article-
The Future of Banking: 5 Customer Experience Trends to Look Out For
The banking sector has changed a lot in recent years due to new technology and shifting customer expectations. As we approach the end of 2024, improving customer experience (CX) is still a top priority for banks. They are adopting innovative strategies to meet the evolving needs of their customers, from personalized digital experiences to seamless omnichannel interactions. Let’s take a look at the top five customer experience trends that are shaping the future of banking.
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1. Hyper-Personalization Through AI and Data Analytics
Customers today expect a more personalized banking experience, tailored to their unique needs and preferences. According to a report by Accenture, 91% of consumers are more likely to shop with brands that provide personalized offers and recommendations. For banks, leveraging AI and data analytics is key to achieving this level of hyper-personalization.
By analyzing customer data, banks can create individualized financial products and services, offer targeted marketing campaigns, and even provide real-time financial advice. For example, AI-driven chatbots and virtual assistants can analyze transaction patterns to offer personalized savings tips or detect potential fraudulent activity. This trend is not only enhancing customer satisfaction but also boosting customer loyalty and retention rates.
A survey by Deloitte found that 40% of banking customers are willing to share their data in exchange for personalized offers and services.
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2. Omnichannel Banking Experience
The need for a seamless omnichannel experience is more critical than ever. Customers expect consistent interactions across multiple touchpoints, whether they are using a bank's website, mobile app, or in-branch services. According to McKinsey, banks that provide a well-executed omnichannel strategy can see a 15% increase in revenue and a 20% reduction in costs
Banks are investing in digital platforms that allow customers to start a transaction on one channel (such as a mobile app) and complete it on another (like a website or branch) without any disruption. Additionally, innovative technologies like cloud computing and API integration are enabling banks to connect disparate systems and deliver a cohesive customer experience.
A recent study by BAI Research found that 85% of banking customers use both digital and physical channels for their banking needs, underscoring the importance of an omnichannel approach.
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3. Enhanced Cybersecurity and Digital Trust
With the increasing prevalence of digital banking, customers are more concerned about their data's security and privacy. According to IBM's "Cost of a Data Breach Report 2023," the average cost of a data breach in the financial sector is $5.85 million. To build and maintain digital trust, banks are doubling down on their cybersecurity measures and ensuring customers' data is protected at all times.
Modern banks are incorporating advanced technologies like biometric authentication, multi-factor authentication (MFA), and real-time fraud detection systems. Furthermore, they are being transparent about their data privacy practices and regulations, which is critical in building and retaining customer trust.
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A PwC survey revealed that 80% of customers say they would stop doing business with a bank if their data were compromised.
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4. Focus on Financial Wellness and Education
Banks are shifting from being mere financial service providers to becoming partners in their customers' financial well-being. In 2024, expect a surge in financial wellness initiatives aimed at helping customers make informed decisions and manage their finances more effectively. According to a J.D. Power study, 78% of banking customers prefer to do business with a bank that provides tools and resources to improve their financial health.
This trend includes offering educational content like webinars, articles, and interactive tools to help customers better understand budgeting, saving, and investing. Additionally, banks are integrating AI-driven financial advisory services that offer personalized insights and guidance, ensuring that customers are equipped to achieve their financial goals.
A report by The Financial Brand indicates that 60% of banks plan to invest in financial wellness tools and resources in 2024.
5. Sustainability and Ethical Banking
Sustainability and ethical banking are becoming increasingly important as consumers become more environmentally conscious. A report by Deloitte found that 77% of banking customers are willing to pay a premium for sustainable products or services. As a result, many banks are now focusing on green finance, offering products like green loans, sustainable investment portfolios, and carbon footprint tracking tools.
Moreover, banks are incorporating Environmental, Social, and Governance (ESG) criteria into their decision-making processes to meet regulatory requirements and appeal to eco-conscious consumers. This trend is not only improving brand reputation but also attracting new customers who prioritize sustainability.
According to the Global Sustainable Investment Alliance, sustainable investments accounted for over $35.3 trillion in assets in 2023, representing 36% of all professionally managed assets worldwide.
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Defining Banking Success by Staying Current with CX Trends
In a nutshell, banks need to focus on these key customers experience trends to stay competitive and relevant in the market. By adopting hyper-personalization, ensuring seamless omnichannel experiences, enhancing cybersecurity, focusing on financial wellness, and committing to sustainability, banks can build deeper customer relationships and drive long-term growth. By aligning with these trends and leveraging innovative technologies through trusted industry leaders , banks can transform the customer experience, foster trust, and build loyalty in a rapidly changing landscape. Associating with a trusted automation partner like Accelirate can help you identify an effective roadmap for long-term success. Talk to our experts today!?
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Expert Speaks on Last Week's Question: Industry Insights
Healthcare organizations can seamlessly implement Robotic Process Automation (RPA) by identifying repetitive, rule-based tasks, selecting suitable RPA software, developing and testing automation workflows, and providing comprehensive training to staff. Additionally, establishing a robust governance framework and addressing potential challenges can ensure a successful RPA implementation. -Automation Expert, Accelirate
Got 30 mins to Spare?
Yes, we, too, have noticed the chatter around Automation, RPA, and Gen AI, and that’s what motivated us to turn our Newsletters into a space where your industry-specific questions get the spotlight. So, join the conversation and let our experts tailor solutions to your needs.
Explore our comprehensive services and let Accelirate be part of your automation journey. Let’s discover new possibilities together!
?? The Countdown Begins:
Join Us for an Insightful Webinar on Generative AI and Agentic Automation.
Remember when RPA first emerged? Many doubted its potential, but it quickly proved its value by delivering impressive returns. Now, a new wave of technological advancement is here: Generative AI and Agentic AI. Join us for an exclusive webinar with Ahmed Zaidi and Shail Khiyara to delve into the future of automation and explore the potential of Generative AI and Agentic Automation.
Date: 18th September, 2024 Time:?10 AM Eastern
Stay tuned for more event updates!
As we embark on this new Q&A journey, we invite you to be an integral part of the dialogue. Leave your questions, share your insights, and let's pave the way to a more innovative and connected future.
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To a future fueled by questions and automation brilliance!
Connecting Elite Performers With Elite Opportunities
2 个月Exciting! The 81st edition of Automation Tomorrow is out now! ?? Can't wait to dive into the latest insights on the next evolution of automation technology, its impact on the automotive industry, and a sneak peek into the most anticipated AI event. ?? Thanks for keeping us in the loop! Reading, engaging, and subscribing for more #AI and #automation updates is a no-brainer. Let's indeed explore the future together and stay ahead of the curve! ??