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VTB Bank to introduce ML-powered digital workers to process financial documents

Thursday 23 July 2020 10:07 CET | News

Russia-based VTB Bank has introduced a ‘robot factory’, planning to introduce 250 ‘digital employees’ off the production line in the coming years.

VTB Bank’s management noted that the new robots would help reduce the amount of manual labour or routine operations that need to be performed. The robots are expected to help with document processing and data entry processes. The bank has estimated that the digital employees will help reduce the cost of processing by as much as 4 times. Consultations with VTB’s employees will aim to identify which processes should be automated in order to improve efficiency and streamline operations.

VTB Bank said there should be around 60 bots that will be operating by the end of 2020. These digital employees will reportedly use machine learning and optical character recognition (OCR) to fully automate routine tasks, which will include reading, comprehending, and processing of bank documents.

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Keywords: VTB Bank, machine learning, ML, digital workers, financial documents, robots, optical character recognition, robot factory, digital employees, document processing, data entry processes, automation, Russia
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Russian Federation
This article is part of category

Banking & Fintech