- “Automation could help North American banks unlock up to $71 billion in value by 2025, according to an Accenture study released last week.
- Banks were projected to invest more than $5 billion in artificial intelligence in 2019, according to a September report by International Data Corp.
- The Accenture study cited account reconciliation and data entry and gathering as among the 10% of tasks that could see complete automation by 2025.
- Accenture’s findings reinforce Bank of New York Mellon’s recent pivot toward AI. The bank has deployed 300 bots that execute about 5 million processes across businesses and functions.
- The bank’s software and equipment expenses in the third quarter rose to $309 million, an 18% jump from a year earlier, according to American Banker.”