AI Case Study
SKGB Automated transfer of bank security positions suggested positive potential for SGKB
SGKB tested the use of five robots to run a data integration process that historically might have required seven staff and the bespoke creation of a data integration interface. This led to promising cost savings against both staff time and interface build.
According to Bloomberg, typically this sort of transfer requires "costly and expensive software interfaces for the communication between two systems... " According to the bank "'Sometimes, seven-digit amounts of money are needed for such an interface.'
SKGB used five robots to move the 5,000 securities positions to its own IT systems. "The five robots that were used did their job well, the bank said."
Apparently "the costs for the first use of the software robots at 20,000 Swiss francs to 30,000 Swiss francs, for example for hardware and external consulting services."
"SGKB’s test run was carried out in connection with the acquisition of M.M. Warburg Bank Schweiz AG’s private banking business. SGKB had to transfer about 5,000 securities positions to its own IT systems."
Work of 7 staff for three days, and construction of a data integration software interface, was replaced by 5 robots indicating positive cost management potential. Created opening for further trials.