Companies are replacing people with robots in the last couple of years: Is this a tendency?

26th October 2021

Artificial intelligence, robots, and other modern technologies make it possible to fully automate many work processes. More and more professions every year are intercepted by robots from people. This process is progressing gradually, but nevertheless noticeably.

In the last couple of years, people from around the world can also notice this sudden change of using the services of automated machines and artificial intelligence, other than human beings. This tendency has especially become centered in the financial market. And the phenomenon is explained by the Worldwide Pandemic. In the past couple of years, people had no other option than shopping online, making payments and purchases virtually, without leaving their homes. And that is why using AI and robots has become one of the rapid technology changes in the financial industry.

Has the demand for robotizations really increased in financial organizations?

How and what is automated in finance? According to a survey done by experts in the financial field, more than half of all financial transactions in the past couple of years were carried out with the participation of robots. Many analysts say that in the financial sector, automation can free up to 47% of employees’ working time on average. Depending on the specific specialization, this figure may vary. For example, a mortgage broker spends around 85% of the time processing applications manually, but if it uses more modern methods of determining the authenticity of documents or applications for a loan, then 56%. As a result, he can devote the saved time to communicate with clients – to consult more and delve deeper into their needs.

Another research has shown that people do not want to check loan options or other financial information in different banks and lending companies. This kind of process always takes time and resources, and at the end of the day, one might not have found the best fit for their needs. Thus, to save time, they use various online platforms, such as FoxyCredit, to find the best options for their financial demands. Such online platforms help people get the information they require about lending companies, loan requirements, and other conditions in one place.

Here are examples of the most common tasks that robots take on in the financial sector:

  • Collection and processing of data
  • Confirmation of the accuracy of the data
  • Ready material for analysts
  • Customer support

Almost three-quarters of those companies who have implemented the automatic system in their processes claim that they were satisfied with the obtained effects. Every second one noted an increase in the level of productivity, and every third company admitted a decrease in the number of errors.

To bring another example, the loan-comparing website has developed an automatic system that gathers all the required information for a customer to find the perfect loan based on their requirements. With that said, consumers only fill in a little information about their requirements and the rest is being done by the AI. This way, people get the information they require within seconds, without leaving their homes, or spending endless hours speaking with the representatives of the lending companies. And such services are available in many countries. So, for instance, if you are in Lithuania, this website provides you with the options of that particular market.

Prospects for the development of technology

Today the banking sector is considered one of the most robotic. In the future, the capabilities of robotic process automation will be improved. Thanks to the development of technology, complex tasks will become available for optimization. The means of processing requests, communication of robot operators with clients, interaction through chatbots, determination of SWIFT codes will become easier and more convenient, thus reducing labor costs and business risks. Services for the implementation of robots will gradually become more accessible, pay off faster and integrate with the existing infrastructure, ensure compatibility with software and applications.

It should be highlighted that having an automatic system will not prevent you from having errors. However, everything is being improved over time. In the past two years, robots have been actively changing the work of employees in the financial sector. This trend will absolutely continue to gain more drive in the next few years. Those companies who have not yet taken the action to make their services automated will surely start to implement these steps. Robots will be even more capable. The development of speech recognition technology will have a great impact on further automation. The more functions robots have, the more widely they will be used.