News

Financial Services

Danielle Isaac

, Singapore

Published:

8 years ago

I, robot: Amy and Eve start work in UOB's digital garden of Eden

They halved costs in the bank's wholesale banking and retail businesses.

Since the robots started three weeks ago, the time to process a transaction has been cut by more than half, said UOB in a press release. There was no mention of Adam in the modern robotic workforce.

The robot Amy is attached to the trade finance operations function, which processes requests for Letters of Credit.

UOB said the process that takes up 240 seconds, 12 screens, and multiple cross-checking for accuracy takes Amy only 40 seconds to complete.

Meanwhile, Eve specialises in mathematics to review credit card applications as part of the unsecured loan processing function.

Eve can handle up to 1,800 applications per day and does it 3.5 times faster than others.

Software of the robots were obtained through Robotics Process Automation (RPA). UOB plans to take in more robots to manage processes related to card operations, cash management, and trade and remittance.

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