Banks roll out the robots to combat COVID
In these unprecedented times, almost every individual and every business has seen a dramatic change in their finances. So imagine how dramatic the change is when your business is finance.
Financial companies, both banking and non-banking, are turning to new banking tech like robotics and automation to adjust to the ‘new normal’. These innovations make banking both more efficient and more customer-friendly.
How the pandemic has changed banking tech
Since the world went into lockdown, large chunks of the economy have shut down too: supply chains have broken, bricks-and-mortar commerce has gone through the floor (while e-commerce has gone through the roof), and anything involving gatherings of people has been rudely interrupted.
Every sector of the economy is supported by banking, so the banks have had to take the lead in finding solutions. The three prongs of their attack are digitalisation, automation, and AI.
Digitalisation is transforming the banking sector by automating data quality and freeing up leaders to concentrate on opportunities instead of fighting fires. It includes both customer-facing innovations like contactless payments, online recordkeeping and digital invoices, and behind-the-scenes services like workflow automation, document validation, and activity scheduling.
As well as allowing for more hands-free banking, digitalisation saves time for both bankers and clients, which is vital at a time when banks are overwhelmed with queries.
Going a step beyond digitalisation, automation means bringing in bot technology to take on repetitive tasks. Humans are ill-suited to these tasks; they get bored and unhappy and make mistakes, leading to constant issues with data quality, high employee turnovers, and the constant need to train new hires in the same dull tasks.
Bots, however, will happily do the exact same thing perfectly all day. This means orders process smoothly, everything goes where it’s supposed to when it’s supposed to, exception handling is drastically reduced, and humans can focus on the kind of tasks they do best.
It also cuts wait times to almost zero, as bots can work so much faster, massively boosting productivity.
A step further still takes us beyond simple bots to artificial intelligence and machine learning. The rise of the machines has been rapid and surprisingly friendly; far from bringing about the apocalypse, they’re helping us fight it.
AIs are used in banks and other financial organisations to predict things like credit quality and customer behaviour and to find opportunities for improvement. They can do everything from answering the phone to helping HR managers find the best job candidates.
Until recently, the cost of this technology has kept it out of the reach of all but the largest companies, but the latest advances have brought AI within the reach of smaller organisations.
Looking to the future, we can expect AI not only to empower banks by creating an automated knowledge workforce, but to make automation itself intelligent enough to eliminate cyber risks and unwanted competition from the FinTech sector.
Javed Hussain has joined us at an exciting and challenging time in the technology industry. Please content him to discuss your tech recruitment needs
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