Are Robots Stealing Human JobsThe rise of Robotic Process Automation (RPA) is no longer a concept. According to HfS Research, a 36% compound annual growth rate is expected by the end of 2021. More enterprises, software vendors, as well as service providers, are joining the RPA party.
RPA has been demonstrating massive potential in every industry around the globe. FSI is one of the sectors that combines fast innovation with realistic adoptions. Many operation processes can be automated by software robots, for examples:
-Updating client profiles and premiums renewal
-Claims and underwriting processes
-Overdraft protection requests
-Credit card applications processing
Singapore: Paradise of Bank’s RPA
DBS Bank, one of the most significant FSI player in Southeast Asia, announced their robotic strategy last year, which enabled a free up of 25,000 working hours from menial work. On the other hand, UOB (United Overseas Bank) also introduced two new robot employees to their daily operations. "Amy" and "Eve" are software-based robots, and great assistants to everyone in UOB, as they help to cut down half of the data processing time every day. Another Singaporean bank OCBC (Oversea-Chinese Banking Corporation) is also a supporter of robotics, and they said that while their staff
used to spend two hours for report preparation in the old days, the robot can finish it in less than 12 minutes.
Not only FSI, most enterprises from various vertical industries should also be happy to enjoy those KPI and efficiency figures provided by RPA:
- 70 to 80% of the rule-based processes can be automated
- Robots can work 24/7, never get tired, never make mistakes
- Up to 50% immediate cost savings by automated tasks
- The return on investment period can be as short as six months
Create Win-Win by Communications
Volvo, the European car manufacturer also joined RPA implementation since 2016. Their experience proved to the public that RPA operated on top of the existing applications is a non-invasive approach. One of the learnings from Volvo RPA project: a successful implementation hugely depends on effective communications with staff. Since people mostly perceive robotics negatively, it took quite some time for Volvo to engage with both the management team and employees throughout the journey.
A clear message here is that robots are not stealing jobs. People should take this opportunity to focus on more value-added tasks. Fuji Xerox (Hong Kong) has also deployed the first RPA project last year; our back office staffs are happy to work alongside robot assistants. We are optimistic about leveraging RPA to provide greater value to our customers.