Automated decisions made by computer programmes have cost 37 per cent of European FS organisations money at least once in the past six months. In addition, 31 per cent said that they've lost customers in the same period as a result of an automated decision. That’s according to a new study called Humans and Machines, conducted by the Economist Intelligence Unit and commissioned by Ricoh.

“Automated processes can bring significant benefits to the financial services sector, and while technology may provide high intelligence, it is essential that the processes are reviewed and updated regularly by humans to ensure compliance with regulations, and that security standards and efficiencies are maintained,” says Rick Hewitt, finance director at Ricoh UK. "When processes are optimised and systems are connected, a collaborative and creative working environment is enabled to better meet client needs.”

The research indicated that FS executives recognise the business value automation can add and that sometimes human intervention need only be minimal. In particular, when asked where human imagination or intuition was most critical, just eight per cent) said managing regulations and even fewer (six per cent) said it was critical to ensure information security. However, human intervention remains essential for the majority of respondents when it comes to interacting with customers (46 per cent) and managing risk (31 per cent). The highest rated challenge for the FS sector (48 per cent) when it comes to dealing with technology is the sector’s ability to connect systems with eachother.

Seventy one per cent of FS executives agree that technology in isolation, without a process to connect it, delivers little value, and 86 per cent said that human-technology interaction will only add value if the processes used to connect them are more creative. Despite the challenges, the FS sector remains optimistic about the benefits of technology; 41 per cent said their team’s best innovations of the past three years could not have been delivered without supporting technology, and 30 per cent said they could not even have been conceived without it. A further 78 per cent noted that technology helps them to be more productive.

Hewitt says: “It’s clear that technology plays an essential role in supporting new ideas for the financial services industry. The opportunity is to create a future where technology enriches human skills rather than competing with them, therefore empowering human creativity and innovation. The benefits will be improved business agility and the ability to deliver a better customer experience, with more efficient processes, that lead to more effective data security and compliance management.”

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