UBS Plans to Add 500 Robots as they Drive Down Manual Processes

UBS has been ramping up their use of robots to help reduce manual processes; the bank started at 50 in 2016 and plans to reach about 1,000 by end of 2019; the robots will help to drive manual processes down by 10 percent in 2019 alone; the robots are focused on clearing and settlement, converting unstructured data and finding potential fraud issues in payments; “We need to make sure our people are focused on the most complicated problems, because that is what our clients expect,” UBS head of operations Chris Gelvin said to Business Insider. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.