|NongHyup Bank Associate Executive Vice President Ju Jae-seung, second from left, monitors the operation of Robotics Process Automation (RFA) in the control room at the bank's headquarters in Seoul, Dec. 4. Courtesy of NongHyup Bank.|
By Lee Kyung-min
NongHyup Bank has initiated around-the-clock operation of Robotics Process Automation (RPA), an automated program that manages household lending, corporate lending and credit card transactions, it said Thursday.
The launch of the program is part of the bank's long-term efforts to relieve workers from menial yet necessary tasks, thereby sparing them time and effort to better focus on more high-value creative work.
The bank said the new system is in full operation at the bank's headquarters in Seoul where a digital taskforce had been set up with 40 robots carrying out the repeated work, the largest amount of daily work in the financial industry completed by robots.
The program manages seven such tasks including automated extension of maturing debt, prior review for credit or debit cards issuances, online inquiry on business operation status.
Distinguished by active interaction and engagement between human resources and the digital resources, the program will further boost customer satisfaction by offering improved real-time services, the bank added.
The computerized program will improve banks' work processes through fast and accurate reviews with little possibility of careless mistakes. The approval of each review will undergo a final check with relevant department officials.
"Robots will do what they are best designed for, which is reducing errors. This will help workers better establish trust with clients," an official from the bank said.
"Workers instead can and will find more meaning in focusing their energy to become more creative and productive by coming up with ideas, and performing much more meaningful tasks that require qualities only human beings have."
The new system will also help the bank comply with the government's mandate of reduced working hours, implemented to help workers better achieve a work-life balance, a major initiative of President Moon Jae-in.
"The automated system will continue to play a key role in the bank's strategy to focus on core values and remove redundancies. As we have concluded the highly efficient method is a proven way to boost corporate competitiveness, the system will be expanded to accounting, internal protocol management, foreign currency exchanges, tasks that are undertaken by many of our branches," the official added.