Robots now working in Singapore banks

Since Amy started work at the United Overseas Bank’s (UOB) trade finance operations team, she has been very busy processing requests for letters of credit from the banks corporate clients.

Amy is a hard worker who does not even stop for a coffee break while dealing with the wide-ranging data that needs to be extracted and entered in the bank’s back office system.

Amy is a software “robot” powered by robotic process automation (RPA). Amy takes just 40 seconds to complete a task which would normally take an employee 240 seconds to complete.

More and more global banks have been introducing robots into their workforce as they create new goods and services for their customers as well as looking for greater cost efficiencies, speed and productivity.

Moreover, IBM and DBS Bank have recently announced that they are working together to launch an enterprise-wide Centre of Excellence (COE) in Robotic Process Automation (RPA). This would make it the first large-scale implementation in the financial services sector in Singapore and the region.