A report from Reuters news agency reveals that as technology increasingly replaces human workers ranging from automotive manufacturing to fast food restaurants, the The Bank of New York Mellon Corporation is showing that “bots” can do banking tasks as well. Over the past 15 months, the 233 year old custodian bank has implemented artificial intelligence technology to lower costs and increase efficiency.
According to the report, “tasks ranging from automated programs that respond to data requests from external auditors, to systems that correct formatting and data mistakes in requests for dollar funds transfers” are now handled by software. The banking sector is ramping up the use of artificial intelligence and automation to do back office functions and customer service tasks. Among other jobs humans traditionally held, banks are hopeful they can replace their call centers with bots.
Reuters report found here.