FILE PHOTO: A view of Canary Wharf business district in London, Britain, October 14, 2020. REUTERS/Matthew Childs/File Photo
“Bots allowed us to process a much higher volume of applications than we would have been able to do before. It meant the timelines didn’t get longer with the massive volume,” said Simon McNamara, chief administrative officer at Britain’s NatWest, which has granted more than 13 billion pounds of state-backed loans.
“We were seeing this trend pre-COVID but it accelerated during COVID,” Naveed Sultan, Citi’s global head of transaction banking, said.But as banks have to budget for a pick-up in loan losses due to the pandemic, some projects, such as large-scale customer data mining to offer more personalised services may have to be shelved, IDC research showed.
“We had prepared but the volume was higher than expected,” Santander UK’s chief technology officer Carlos Selonke told Reuters. “It’s a huge focus for us, making changes to increase our velocity.” “We had four main focus areas, remote working to enable the employees at UBS, system stability, as we saw a lot of volatility, cyber security, and operations continuity,” UBS’s Dargan told Reuters.On the flip side, bank spending on consumer-facing technologies for branches and online services is forecast to grow more slowly, increasing from $31 billion in 2020 to $40 billion in 2024, according to IDC.
Next nightmare on the horizon!
Robots? Come on Reuters. While the definition of robot is flexible we don't typically call a computer interface a robot. Algorithms. Code. Online tools. Not robots.
Some clarification needed here re the use of the term: “robots”.
The robots are attacking!! The robots are attacking!! The OMNIC CRISIS comes! (been playing too much Overwatch)
this is terrible news
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