Swiss Bank Replaces Seven Employees With Five Robots

Swiss Bank Replaces Seven Employees With Five Robots:

A Swiss bank has replaced seven employees with five software robots in order to speed up workflow, according to Bloomberg.

In a pilot project, St. Galler Kantonalbank AG opted for the second option. The bank is so satisfied with the test results that it wants to decide on further assignments by the end of May. –Bloomberg

When St. Galler Kantonalbank (SGKB) needed to transfer around 5,000 securities positions into its own IT systems during the acquisition of M.M. Warburg Bank Schweiz AG’s private banking business, the five robots were put on the job, and “did their job well,” according to SGKB. Now they’re exploring other applications for digital employees.

We’ve seen that’s technically feasible and now we’re exploring whether other applications are worthwhile, and I’m very optimistic about that“, Felix Buschor, member of the management board, said in an interview with Bloomberg. “The assessment of the potential is in full swing.”

Buschor admits some of their human employees are beginning to worry about their jobs – though he offers up a Jedi mind trick of sorts to reassure them that “as we have always compensated efficiency gains through natural fluctuation and because we paid close attention to enabling our employees to develop new technologies, the acceptance is high,” whatever that means.

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