Singapore’s banks are increasingly adopting artificial intelligence (AI) to transform customer experiences, according to SS&C Blue Prism. The move aims to meet rising consumer expectations for seamless, personalised, and cost-effective services. James Lucas, Vice President of Sales at SS&C Blue Prism for the ASEAN and Greater China Region, highlighted the growing demand for real-time solutions and meaningful engagement, particularly among younger generations accustomed to digital-first experiences.
A study by Forrester Consulting, commissioned by SS&C Blue Prism, revealed a 5.4% compound annual growth rate (CAGR) in incremental profit over three years for companies implementing automation solutions. This marks a shift from 2017, where 92% of automation value was realised through cost savings. Now, 73% of the value is captured as incremental profit, indicating that intelligent automation is not just a cost-saver but a growth driver.
AI technologies such as generative AI, machine learning, and advanced analytics are enhancing customer experiences by improving efficiency and adding a personal touch. Lucas noted that self-service AI solutions allow trained advisers to focus on complex interactions, thereby increasing customer satisfaction through speed and accuracy.
UOB serves as a prime example, having implemented digital banking initiatives that process mortgage applications 30% faster. Similarly, Spanish bank ABANCA achieved a 60% faster response time for customer enquiries using SS&C Blue Prism’s tools.
Lucas emphasised the need for finance leaders to embrace AI-driven automation to reclaim market share from FinTech companies. “Organisations delaying AI adoption risk being outpaced in customer satisfaction and operational efficiency,” he concluded.
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