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Treasury

Robots are not a threat to bankers, say tech firms

Technology companies are looking to create digital workers to help banks build leaner operations – but human workers have nothing to fear.

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Banks have made large headcount cuts over the last five to 10 years, driven by the financial crash and regulatory changes, says Grant Goodband, client manager at Thoughtonomy.

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Grant Goodband,
Thoughtonomy

Thoughtonomy is a technology company developing robotic workers for robotic process automation (RPA). 

While these external factors cannot be controlled, banks can decide how they react to such external factors, says Goodband: “The efficiency and flexibility of intelligent automation enables bank employees to react faster and in a more compliant manner.” 

While this may sound great from a corporate profitability perspective, it will worry people in corporate treasury. But RPA vendors insist human workers have nothing to fear. 

“While there is a fear that emerging technologies will pose a threat to existing roles, the reality is very different,” says Goodband. “The Future of Jobs Report finds that 85% of companies plan to retrain existing employees to extract the potential benefit from initiatives such as intelligent automation. Equally, 82% expect to hire new employees with relevant technological experience in areas such as IA.”





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