NewsExpress advert FCMB banner
South African bank introduces robots for various business operations

By News Express on 07/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 679

•Sourced from Business Day SA. Photo: 123RF/Willyambradberry
•Sourced from Business Day SA. Photo: 123RF/Willyambradberry

As part of its strategy to stay at the leading edge of innovation, South Africa’s Rand Merchant Bank (RMB) is focusing on robotics as one of the ways in which to improve the bank’s overall performance and help digitise operations.

Because robots can master repetitive tasks currently performed manually, they are suitable for many of the processes conducted by employees, particularly in back offices. Robotic process automation (RPA) is the software technology that automates manual, repetitive and mature processes, making them faster, more cost effective, and often with a return on investment on the software and systems within about a year. Robotics is also easily adopted to automate high-risk and compliance-focused processes due to the robot’s ability to process at zero defect.

Being a non-integrated software system, robots are also easy to introduce to the bank’s existing IT systems. As they are “code free”, robots service the businesses in the bank rather than trying to comply with an IT system. Coded technology is complicated and costly and takes far more time to implement. Robots are “a virtual workforce” that operate 24 hours a day, with 100% efficiency, and can reduce costs by between 25% and 40%.

Introduced a year ago, the RMB Robotics Centre of Excellence manages RMB’s capability to introduce robotics into its various business units. It has 20 employees who ensure that the correct processes for automation are selected and implemented. Fourteen projects have already gone live with a number of others in the pipeline.

“We’re finding great applications for robots within the bank, especially for automating inefficiencies between different systems,” says RMB chief executive James Formby.

The first bot, known as Mr Robert Bot (Rob for short) joined RMB on Feb 1 2016 with his own employee number. So far 10 bots have been introduced to 14 projects that include four processes capturing new client information and performing maintenance of that information. Others have taken over some of the repetitive tasks of compliance, manual billing, financial data consolidation and reporting.

“We believe that one robot can effectively augment between three and four people, allowing staff to focus on the more complicated, analytical, client-facing and value-adding aspects of their functions,” says Reshnie Naidoo, who manages the RMB Robotics Centre of Excellence. “The desire and demand in RMB for robotics is present as people will be able to focus on a greater breadth of knowledge rather than the depth and detail necessary in more admin-related processes.”

It is projected that one of the robotics projects introduced in RMB’s Corporate Banking division’s finance department will save about 4,000 hours per year. And this is just the estimate for the initial processes reviewed, which are only about 10% of all processes.

“We have redefined multiple processes and introduced the robots to do the jobs within minutes, compared with people who previously completed these manual tasks over days,” says Naidoo.

In the future, more intelligent robots, known as artificial intelligence (AI), will be introduced. AI mimics human thoughts whereas robotics mimic actions. AI automates processes, which require judgment and where the outcome is not always standard, such as Know Your Customer, some compliance-type functions, supporting credit analysts and dealmakers in their functions, and query management.

Intelligent robots will also be able to conduct tasks such as speech recognition in call centres and document scanning for handling of paper. Voice assistants will be able to answer specific questions, process complex requests, understand natural language and teach themselves to update their own algorithms.

“We are very excited about the future possibilities that technology can offer our people and business,” says Formby. Having successfully introduced robotics to the bank, RMB is examining how far it can take the technology, as well as AI, to improve the bank’s overall efficiency and performance, while staff become familiar with a new way of operating.

Source News Express

Posted 07/03/2018 11:34:40 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
FG to crack down on cattle rustlers, militant...

Africa Initiative for Governance launches public sector scholarships...

JAMB: Why Imeko students’ performance was poor —...

NLNG reveals secret to CSR success, inspires Koreans...

Muhammad Sanusi II: The Nagging Modernist, By Achilleus-Chud...

Police deploys 6,000 personnel, 3 commissioners to monitor...

Cradle-Snatching and the Senate, by Olusegun Adeniyi

Okowa commissions 14,000-capacity stadium

Aregbesola lied on N14.2bn salaries payment: Osun activists...

Politics should not be a do-or-die affair —...

FIFA president Sepp Blatter ‘to be suspended within...

Ekweremadu won’t resign as Deputy Senate President –Aka...


Latest News Politics of gun control Nigerian diplomat appointed British High Commissioner Tony Elumelu Foundation announces 1,000 entrepreneurs selected for 2018 programme •Red Cross, UNDP, Indorama lend support Amaechi, Nwodo disagree on process for the emergence an Igbo as President of Nigeria REVEALED: Cambridge Analytica’s ruthless bid to influence Nigeria’s 2015 presidential election ICPC to declare Senator Jang wanted over alleged N5.6bn fraud BREAKING: Senate approves 2 Deputy Governors, 3 MPC members for CBN FG lambasts PDP for dismissing abduction and release of Dapchi schoolgirls as stage-managed Prominent UNIABUJA Lecturer, Dr. Cecelia Kato, dies suddenly Teleology finalises takeover of 9mobile, pays $50m deposit Between Ambode and Lagos Landlords Gov. Emmanuel suspends ban on commercial cyclists’ activities in Eket


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,770 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,564 views) Shameless Genevieve Nnaji exposes breasts in public (261,166 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,651 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,206 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,716 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,962 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,628 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,336 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,509 views) Lagos plane crash: Journalist releases victims’ names (132,827 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (126,070 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,976) Business Verdict (36) Columnists (817) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (456) Features (554) Global Business Monitor (241) International (1,860) Interview (146) Live Commentary (28) Love Matters (114) News (33,815) Opinion (897) Pidgin (10) Politics (4,632) Religion (703) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update



NLNG Science and Literature Prize Awards




Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera