HOUSTON, Jan. 9, 2024 – SMA Technologies, the leading provider of automation solutions for financial services and the maker of OpCon Workload Automation & Orchestration (WLA&O), today released the first ever State of Automation in Financial Services Report. The report is a product of comprehensive analysis rooted in a proprietary survey of banking, credit union, and insurance executives, offering deep and meaningful insights into the evolving landscape of automation within the financial sector.

“Our survey, encompassing a diverse range of executives across the financial services landscape, highlights the accelerating integration of automation technologies in their operations,” said Todd Dauchy, CEO of SMA Technologies. “The findings are a testament to the transformative power of automation, offering a glimpse into its profound impact on efficiency, customer experience, and the bottom line. As financial services leaders expand their automation strategies to drive digital transformation and growth initiatives, it’s clear that end-to-end automation will prove increasingly vital.”

Key findings in the report reflect how automation technologies have proven to streamline processes, reduce manual errors, and enhance operational efficiencies.

• 100% of surveyed executives deploy some degree of automation.

• 88% of financial services organizations (FSOs) are at least somewhat satisfied with their current level of automation.

• Over 80% believe their use of automation is on par with or ahead of their peers, but 40% report levels of automation that fall below the median.

• Organizations rate automation’s importance to future success at 8.5 out of 10.

• There is a 20% gap between current (41-50%) and desired (61-70%) degree of automation across respondents.

• Among automation leaders (those respondents with more than 80% of operations automated), top automation goals such as revenue growth (38%) and better customer services/outcomes (29%) are aligned with the organization's strategic business objectives.

• 56% leverage workload automation, making it the top-used automation technology.

• FSOs are preparing to increase the usage of business process automation, intelligent process automation, IT process automation, and workload automation.

• 92% plan to invest at least the same amount or more over the next year.

“This report is not just a collection of data; it's a roadmap for the future of the financial services industry,” continued Dauchy. “I’m excited about the possibilities that lie ahead, and I hope our report serves as the guide transactional organizations need in navigating this new era of digital transformation.”

Research methodology:

SMA Technologies, in collaboration with Ted Goldwyn Communications, LLC, a research and advisory firm for the financial services industry, surveyed 580 U.S.-based executives from the banking, credit union, and insurance sectors, 97% of whom have decision-making authority or influence over technology purchases.

Among the 230 banks and 131 credit union respondents surveyed, 51% worked for institutions with $1 billion or more in assets, including 14% with $5 billion or greater. Across 219 insurance respondents, the majority worked for organizations that offered lines in multiple sectors—60% of respondents’ firms offered property/casualty lines, 67% offered life insurance, and 59% offered health insurance.

Access the State of Automation in Financial Services 2024 Report here.

About SMA Technologies

SMA Technologies is the maker of OpCon, the leading workload automation and orchestration platform for banks, credit unions, insurance companies and other financial services businesses. The platform delivers enterprise power and scalability without the complexity or cost. OpCon enables companies to easily automate manual tasks and seamlessly orchestrate workloads across business-critical operations, saving time and reducing cost by eliminating human error and deploying IT resources on strategic initiatives. More than 1,000 clients trust SMA with their mission-critical operations. Please visit www.smatechnologies.com to learn more.