Technology: Swiss Lender Adopts Tireless Computer Bots in Cost-Cutting Drive - Insurance borrower: you can soon terminate it - PressFrom - US
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TechnologySwiss Lender Adopts Tireless Computer Bots in Cost-Cutting Drive

10:30  14 august  2019
10:30  14 august  2019 Source:   bloomberg.com

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ZURICH (Reuters) - Swiss lender UBS has cut 56 back-office jobs in Luxembourg, part of efforts to cut costs as banks struggle to grow revenue. In a statement on Monday, unions in Luxembourg said they had agreed on support for the bank employees affected by the cuts . UBS had originally planned to

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(Bloomberg) -- A 151-year-old Swiss bank is among the first wave of smaller lenders deploying robots for basic tasks to drive down costs and is considering expanding its use of the technology.

After a successful test run, St. Galler Kantonalbank AG decided to employ three bots for jobs such as compiling information and using it to fill out forms. The company plans to add a fourth soon and has set up a five-member team to look at ways of employing the technology.

“These robots can be used universally,” management board member Felix Buschor said in an interview. “They help to avoid human errors and theoretically can work 24 hours a day.”

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Canada’ s largest lender by assets has begun cutting jobs in Canada and the US as it begins a cost - cutting initiative. TD Bank’ s layoffs will be across many divisions including the retail banking division and may include mortgage teams. The Globe and Mail reports that a source claims that

ZURICH (Reuters) - Swiss lender UBS has cut 56 back-office jobs in Luxembourg, part of efforts to cut costs as banks struggle to grow revenue. In a statement on Monday, unions in Luxembourg said they had agreed on support for the bank employees affected by the cuts . UBS had originally planned to

Processing bulk wire transfers is one area in which the robots are being used at the lender, which is controlled by the regional government. In the past, employees “took care of that manually with the help of Excel spreadsheets,” according to Buschor. Another area is the recovery of withholding taxes, with robots filling out forms by themselves.

With stricter regulation and low interest rates, banks are under pressure to reduce costs and robots can help to achieve that goal. While lenders have been using robots for several years, only a few of them have actually started using them broadly and long-term to help run the company, said Christian Toelkes, a technology consultant for financial services at Accenture Plc in Germany.

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Swiss lender UBS has cut 56 back-office jobs in Luxembourg, part of efforts to cut costs as banks struggle to grow revenue. In a statement on Monday, unions in Luxembourg said they had agreed on support for the bank employees affected by the cuts .

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That could change soon, according to Buschor. “We exchange our experiences of using robots with other banks. It’s becoming apparent that robots will be used more widely in the future,“ he said.

While the use of robots at St. Galler Kantonalbank means the company eventually needs fewer employees, the measure hasn’t led to redundancies, Buschor said. “We are offsetting this with natural fluctuation,” he said.

To contact the reporter on this story: Stephan Kahl in Frankfurt at [email protected]

To contact the editors responsible for this story: Erhard Krasny at [email protected], Andrew Blackman

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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