Quantum attended Bank Automation Summit 2024

The 2024 Banking Automation Summit concluded last month, leaving us with valuable insights into the future of the financial industry. The event brought together leading figures from banks, fintech companies, and media outlets, all eager to discuss the evolving landscape of banking automation and the growing role of artificial intelligence (AI).

Here are some insights from the event from our Director of Sales, Blake Williams:

“While mobile banking has become the norm for many, the financial sector’s regulated nature often translates to a cautious approach toward adopting new technologies. This has historically led to lagging adoption of innovations like cloud computing and outsourcing despite their proven benefits in enhancing network resilience, uptime, and access to specialized skills.

Today, AI stands at the forefront of this discussion, with concerns about job displacement being a major point of contention. However, the summit highlighted a crucial truth: AI has the potential to empower employees by automating repetitive tasks, freeing them to focus on higher-value activities. This aligns with a recurring theme observed throughout the event: new tools lead to lower risk and higher productivity.

The summit showcased a diverse range of perspectives from financial institutions, including major US banks and more conservative credit unions. Notably, the most progressive institutions demonstrated a widespread adoption of Robotic Process Automation (RPA) with positive feedback from employees who saw their manual workload reduced, allowing them to engage in more meaningful work.

These insights point towards a future where AI plays a pivotal role in reshaping the banking industry, driving efficiency, and improving employee satisfaction while mitigating risk. As financial institutions continue to embrace automation and AI, we can expect to see a more streamlined and productive banking experience for both employees and customers.”