UOB’s 2 new robot employees cut data processing time by over half, Banking News & Top Stories

SINGAPORE – United Abroad Financial institution (UOB) is using two robot-like creations – “digital staff” as they’re termed – to sort out duties its human staff discover too boring.

The financial institution mentioned on Wednesday (Nov 22) that the “robots” named Amy and Eve are slashing the time taken on such repetitive and time-consuming jobs as knowledge processing.

It’s understood that “Amy and Eve” will not be bodily robots, however programmes utilizing Robotics Course of Automation software program that execute “the extra mundane knowledge entry duties”.

They had been assigned to groups supporting the wholesale banking and retail companies about three weeks in the past.

A UOB spokesman mentioned: “The velocity and accuracy at which robots resembling Amy and Eve can course of such transactions permits us to reply sooner to our prospects in the long term. The introduction of robots into our workforce additionally permits us to enhance our course of by tech whereas sustaining a human contact.”

Amy and Eve have already diminished knowledge processing occasions by greater than half and allowed human staff to deal with extra stimulating and difficult jobs, mentioned UOB.

Amy helps to course of requests for Letters of Credit score by the financial institution’s company prospects. She extracts a variety of knowledge after which enters it into the system for approval by a human colleague.

UOB mentioned: “What used to take as much as 240 seconds, 12 screens and a number of cross-checking for accuracy takes Amy solely 40 seconds to finish.”

Eve’s energy is in arithmetic. “She” opinions bank card purposes, a course of that entails combing by a buyer’s Central Provident Fund assertion to compute their annual earnings.

The data is offered to her human colleagues who then finalise the applying.

UOB mentioned: “Eve has the power to deal with as much as 1,800 purposes per day and does it three.5 occasions sooner than others beforehand assigned this repetitive process.”

Mr Lim Ann Liat, managing director and head of markets and enterprise know-how underneath UOB’s group know-how and operations unit, mentioned Amy and Eve symbolize “the daybreak of a brand new digital workforce in UOB”.

UOB plans to make use of extra robots within the coming months to handle different processes regarding card operations, money administration and commerce and remittance.

OCBC Financial institution mentioned it added two robots to its workforce in October. Neither have names.

One is assigned to the buyer secured lending crew. It helps with housing mortgage re-pricing by processing greater than 100 purposes a day, and has enabled a 97 per cent minimize in processing time. What used to take an worker greater than 45 minutes to finish, now takes the robotic only one minute.

The opposite robotic is on the finance crew, serving to with gross sales efficiency reporting, a process that was beforehand dealt with by a financial institution worker.

OCBC mentioned that whereas its employees used to spend 120 minutes making ready a report, the robotic can do it in simply 12 minutes.

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