Three weeks ago Amy, a software “robot” powered by a robotic process automation, started working at the United Overseas Bank’s trade finance operations team. According to her colleagues, Amy is a fast worker who doesn’t need coffee breaks and only 40 seconds rather than 240 to complete an average task.
Nowadays in the digital age; world banks have been increasingly using robotics for creating new products and services for customers with digital quality, and achieving greater speed, productivity and cost-effectiveness.
Apart from humanoid robots used for physical tasks and artificial intelligence chatbots, another technology that banks are increasingly making use of is the software to automate manual and repetitive operational tasks and processes, such as data extraction and data entry. Experts says that banks can get more profit if they can ‘strategically’ combine other technologies, including machine learning and natural language processing.