Robotics and the Future of Commercial Banking
Overview
This Information Guide focuses on the intertwining of Robotics and the Commercial Banking sector, delving into how this synergy might shape the future. Key statistics, such as 53% of banking executives ready to implement robotics in banking operations (TCS report), an anticipated global cost savings of $447 billion by 2023 due to robotic automation in banking (Autonomics report) drive the narrative. With 40% efficiency gains using autonomous robotics in some industries, this guide explores ways commercial banking can leverage this technology.
Adapting Robotics and Artificial Intelligence in Commercial Banking
As per a report by TCS, 53% of banking executives are now open to the implementation of robotics in banking operations. This shift towards a more technology-dependent sector is being driven by various factors including increased accuracy, reduced human errors, improved service efficiency, and overall cost reduction. By leveraging robotics and AI, financial institutions can automate repetitive tasks, thereby freeing their workforce to focus on more strategic responsibilities.
Cost Efficiency with Robotic Process Automation (RPA)
Emerging technologies are disrupting traditional financial services, one of them being Robotic Process Automation (RPA). An Autonomics report claims that global cost savings in the banking sector due to RPA will reach approximately $447 billion by 2023. RPA is a transformative PATH that can handle various operational aspects like compliance, customer service, and fraud detection. The strongest case for the adoption of RPA in banking lies in its ability to free up staff time, streamline workflow, enhance customer experience, and significantly reduce operational costs.
The Future of Commercial Banking
The accelerating adoption of AI and robotics in the banking sector is not without challenges. However, the potential advantages far outweigh the possible shortcomings. A prime example: 3Laws Robotics, witnessed a staggering 40% efficiency gain in warehouse automation. In this world of increased digital banking, autonomous machines could reshape transactional banking, making it faster, cheaper, and more reliable.
Key Takeaways
- 53% of banking executives are ready to implement robotics and AI in banking operations, promising increased efficiency and accuracy.
- Robotic Process Automation could lead to a global cost saving of nearly $447 billion by 2023 in the banking industry.
- Companies like 3Laws Robotics have demonstrated up to 40% efficiency gains with the help of robotic automation.
3Laws Robotics offers innovative software to enhance safety and reliability for robotics systems. The company's primary focus targets addressing the challenge of certification, a significant pain point for robotics. Its software, 3Laws Supervisor, is built on Control Barrier Functions (CBFs), providing mathematically provable safety for autonomous systems. From warehouse automation to human-robot interaction, 3Laws has numerous applications across different industries. By providing real-time guardrails for robots using its software, 3Laws ensures safe and optimal operations. Thanks to its adaptability, 3Laws' software is compatible with a wide range of robotics platforms and middleware such as ROS and ROS2.
3Laws Robotics is positioned to leap forward as a next-generation safety solution, one that surpasses traditional e-stop methods and offers a sophisticated, proactive approach to ensure safety, making full use of dynamic, predictive safety capabilities that meet ISO 3691-4 and ISO 26262 safety certification standards.