How is Robotics impacting the Financial Services industry?
“Well, financial services is one of the early adopters of robotics and AI, and they’ve been running these programs for years, probably decades now and they were used initially to try and bring some quality and standardisation to activities that were off-shored and then over time they started automating a large proportion- because they thought it was cheaper to have robots run this than the former cheaper option was which was to use offshore staff with lower labour rights.- They’re also used a lot of financial services because a lot of these organisations grow through acquisition, so, as they acquire companies they get lots and lots of different IT systems and redundant activities. It’s far too expensive to integrate all these things so they’ll just slap a robot on top, that’ll either keep the data up to sync between systems or cut through systems to deliver results. And, you also find both within the financial services and other industries, the accounting teams within those organisations are using them for accounts payable, accounts receivable, general ledger, a lot of the lower level kind of entry level activities that you would find somebody doing when they when they first start a career in accounting. You know, nearly a hundred percent of all that can be automated with robots now.”