Banks Could Save More Than $70 Billion Using New Tech by 2025

North American banks could save more than $70 billion through 2025 using technology to automate jobs or assist employees, according to estimates from Accenture Plc.

The study released Thursday found that the broader group of financial-services firms in the region could save $87 billion to $140 billion through automation and augmentation of more than half their tasks. The cost savings could be as high as $44 billion in insurance and $25 billion in capital markets.

“There are certainly some jobs that will be automated,” said Cathinka Wahlstrom, head of Accenture’s financial-services practice in North America. But for those employees ...