New Research from WorkFusion and ESG Demonstrates Significant Impact of the Great Resignation on Banking and Financial Services Markets
- Report illustrates that human capital challenges are dramatically hampering both operational effectiveness and customer satisfaction, with 69% percent of companies understaffed
- Deployed automation solutions cannot bridge this staffing gap, as only 10% report successfully automating complex tasks that require both experience and human judgment
- More than 80% of respondents agree that automating complex job functions provides a massive opportunity to safeguard against future labor shortages
New York, NY, April 26, 2022 — WorkFusion, Inc., the Intelligent Automation leader, today announced the findings of its new research report “Navigating the Great Resignation in Banking and Financial Services.” The report, developed and fielded in conjunction with research company Enterprise Strategy Group (ESG), surveyed technology decision-makers and line-of-business leaders across banking, financial services and insurance companies in North America.
The report revealed issues faced by these professionals in three key areas:
- The challenges in recruitment, onboarding and retention, especially of skilled workers
- The limitations and underperformance of deployed automation solutions
- The promise and potential of high-performance digital workers with deep expertise and judgment
Mike Leone, Senior Analyst, Data Platforms, Analytics and AI at ESG said, “It’s clear from this research that, as part of a company’s hiring strategy, integrating Digital Workers to perform complex jobs provides a scalable solution to the talent crisis, yielding higher productivity, better employee experience and overall business success.”
Key findings of the report in each of the three areas include:
Recruitment, Onboarding and Retention
Banking, financial services and insurance organizations are struggling to fill gaps across functions, especially when it comes to highly skilled staff.
- Over the last 12 months, 87% of organizations have found it more difficult to retain employees
- Turnover has increased by 35% year-over-year, driving heavier workloads onto already stressed employees
- 89% report issues in recruitment across both entry level and knowledge workers
- The time to productivity for freshly hired but experienced personnel is exceptionally long, at approximately 7.5 months
- As result of the above, 33% experienced a decrease in operational productivity and 25% saw an increase in customer response times
Underwhelming Results of Deployed Automation Solutions
Automation solutions are widely deployed but, due to their limitations, lack impact to solve the shortage of experienced personnel.
- While 77% of respondents have considered automation for filling workforce gaps, 46% of respondents report existing automation solutions have been used primarily for low-value, high-volume, entry-level tasks
- Only 10% of respondents report their automation solutions have been successful automating the kind of complex tasks that knowledge workers must master in their day-to-day jobs
- Top issues reported with existing automation solutions included high technical debt (34%), underestimated time to value (31%), hard to deploy (27%) and the limited tasks that the tech can accomplish (25%)
The Power and Promise of AI-Led Digital Workers
AI-powered Digital Workers automate entire jobs, featuring cognitive and functional skills and continuous learning.
- Respondents defined the ideal digital worker as delivering demonstrated business impact, efficient onboarding, an innovation roadmap and ease of management burden over time.
- 90% plan to significantly increase spending on AI/ML in the next 12-24 months.
- 81% of those surveyed agree that automating work currently done by humans offers a great opportunity to overcome future labor shocks
WorkFusion provides packaged, highly skilled digital workers that are immediately productive in a variety of critical operations roles in Banking, Finance, Insurance, and other Fortune 500 enterprises. Leveraging the company’s decade of experience in automating complex operational functions, these new knowledge workers are deployed with a single-click download, arrive on the job fully trained and immediately productive, and work seamlessly side-by-side with traditional team members. The AI-enabled digital workers learn and improve with every assignment and interaction — delivering powerful results for reducing costs, speeding compliance, and enhancing customer experience.
WorkFusion CEO Adam Famularo said, “Our new research clearly shows that the Great Resignation is not a post-COVID blip, but a new workforce reality that is impacting how organizations cope with growing compliance pressures while balancing the needs of their customers. Our Digital Workers make a powerful additional to your existing workforce at a fraction of the cost.”
Register to attend our April 27 webinar on this research.
Access the detailed report whitepaper.
Meet our Digital Workforce.
Enterprise Strategy Group (ESG) is an integrated technology analysis, research, and strategy firm providing market intelligence, actionable insight, and go-to-market content services to the global technology community. ESG is a division of TechTarget, Inc., the global leader in purchase intent-driven marketing and sales services focused on delivering business impact for enterprise technology companies. Learn more.
WorkFusion is the leading provider of Intelligent Automation solutions for Fortune 500 enterprises, banks, insurance, and financial services companies. The company’s AI-enabled digital workers augment traditional teams through regular “human in the loop” interactions and with support from the WorkFusion Network, a powerful AI cloud nexus. WorkFusion solutions help increase workforce capacity, enhance customer satisfaction, and ensure ongoing compliance.
of Intelligent Automation
of Intelligent Automation