Automation is already showing signs of deep impact, after an Accenture executive disclosed that the firm saved a banking client around $100 million with the technology.
According to Business Insider, Richard Lumb, CEO of financial services at Accenture, revealed the huge saving at the World Economic Forum in Davos, Switzerland, saying that it came from automating compliance roles.
“Banks are now starting to look at how to be more efficient and effective with data analytics in areas such as money laundering,” said Lumb.
Notably, Lumb also mentioned that automation is being used within Accenture, and that 17,000 jobs have already been replaced. However, the company was able to retrain these employees for new jobs, so hasn’t yet lost anyone.