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RMB introduces robots for various business operations
As part of its strategy to stay at the leading edge of innovation, South Africa’s Rand Merchant Bank (RMB) is focusing on robotics as one of the ways in which to improve the bank’s overall performance and help digitise operations.
Because robots can master repetitive tasks currently performed manually, they are suitable for many of the processes conducted by employees, particularly in back offices. Robotic process automation (RPA) is the software technology that automates manual, repetitive and mature processes, making them faster, more cost effective, and often with a return on investment on the software and systems within about a year. Robotics is also easily adopted to automate high-risk and compliance-focused processes due to the robot’s ability to process at zero defect.
Being a non-integrated software system, robots are also easy to introduce to the bank’s existing IT systems. As they are “code free”, robots service the businesses in the bank rather than trying to comply with an IT system. Coded technology is complicated and costly and takes far more time to implement. Robots are “a virtual workforce” that operate 24 hours a day, with 100% efficiency, and can reduce costs by between 25% and 40%.
Introduced a year ago, the RMB Robotics Centre of Excellence manages RMB’s capability to introduce robotics into its various business units. It has 20 employees who ensure that the correct processes for automation are selected and implemented. Fourteen projects have already gone live with a number of others in the pipeline.
“We’re finding great applications for robots within the bank, especially for automating inefficiencies between different systems,” says RMB chief executive James Formby.
The first bot, known as Mr Robert Bot (Rob for short) joined RMB on Feb 1 2016 with his own employee number. So far 10 bots have been introduced to 14 projects that include four processes capturing new client information and performing maintenance of that information. Others have taken over some of the repetitive tasks of compliance, manual billing, financial data consolidation and reporting.
“We believe that one robot can effectively augment between three and four people, allowing staff to focus on the more complicated, analytical, client-facing and value-adding aspects of their functions,” says Reshnie Naidoo, who manages the RMB Robotics Centre of Excellence. “The desire and demand in RMB for robotics is present as people will be able to focus on a greater breadth of knowledge rather than the depth and detail necessary in more admin-related processes.”
It is projected that one of the robotics projects introduced in RMB’s Corporate Banking division’s finance department will save about 4,000 hours per year. And this is just the estimate for the initial processes reviewed, which are only about 10% of all processes.
“We have redefined multiple processes and introduced the robots to do the jobs within minutes, compared with people who previously completed these manual tasks over days,” says Naidoo.
In the future, more intelligent robots, known as artificial intelligence (AI), will be introduced. AI mimics human thoughts whereas robotics mimic actions. AI automates processes, which require judgment and where the outcome is not always standard, such as Know Your Customer, some compliance-type functions, supporting credit analysts and dealmakers in their functions, and query management.
Intelligent robots will also be able to conduct tasks such as speech recognition in call centres and document scanning for handling of paper. Voice assistants will be able to answer specific questions, process complex requests, understand natural language and teach themselves to update their own algorithms.
“We are very excited about the future possibilities that technology can offer our people and business,” says Formby. Having successfully introduced robotics to the bank, RMB is examining how far it can take the technology, as well as AI, to improve the bank’s overall efficiency and performance, while staff become familiar with a new way of operating.
News
Badaru on Operational Tour of 82 Division, other Military Installations in Enugu and Imo States
The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni is currently in Enugu on operational tour of 82 Division of Nigerian Army and other military platforms in Enugu.
He was received on arrival by the General officer Commanding 82 Division of the Nigerian Army / Commander JTF SE of operation Udoka Major-General H.T Dada and other senior military officers.
The Minister is expected to meet with South East stakeholders on the way forward.
Details later…
Tinubu has granted full oversight responsibilities to Ministers of State over agencies under them amongst whom are Minister of State for Defence Dr. Bello Matawalle, Water Resources and Sanitation, Minister of State for Agriculture and others will henceforth enjoy full oversight responsibilities over such agencies.
President Bola Tinubu at FEC Meeting has approved that ministers of state be given full powers to supervise the agencies under them, the cable reported.
Until now, files pertaining to departments and agencies under their supervision were sent by their permanent secretaries to the senior ministers.
With the new dispensation, ministers of state can now grant all necessary administrative approvals on the governance process of these agencies and departments.
According to a source in the office of the head of service of the federation, “the president was not pleased with the prevailing governing framework in which ministers of states were just ministers in name”.
This, Tinubu reportedly said, led to the “underutilisation of the expertise and capabilities” of most ministers of state.
“The president believes ministers of state should have the right to make decisions and direct action within their areas of responsibility,” the official added.
According to the Cable report, the source said the idea, first mooted by Hadiza Bala Usman, special adviser to the President on policy coordination and head, central delivery coordination unit got an instant buy-in from the President.
With the new directive, the administration hopes “to unleash” the potential of all the ministers, the source added.
…It’s unprecedented to earn above minimum wage in Enugu- Labour
… We’ll commence implementation immediately- ALGON
Governor of Enugu State, Dr. Peter Mbah, has approved N80,000 minimum wage for the state’s work force, including local government workers, effective October 2024, noting a direct link between a motivated workforce and his administration’s vision of growing the state’s economy from $4.4bn to $30bn.
The new minimum wage covers all state employees, primary school teachers, and local government workers.
Organised labour has described the wage as unprecedented, as it was the first time that Enugu workers would be earning above the national minimum wage.
Mbah announced the new minimum wage on Thursday after a meeting with the Enugu State Minimum Wage Implementation Committee headed by the Head of Service, Kenneth Ugwu and labour leaders, including the state’s labour leaders.
Mbah said, “Few weeks ago, I inaugurated a committee with the responsibility to oversee the implementation of the New National Minimum Wage in Enugu State. Today, I’m happy to announce a new minimum wage for workers in Enugu State, reflecting our fidelity to their welfare, in regard of which we have been resolutely committed.
“We have approved the sum of N80,000 as the new minimum wage in Enugu State. This underscores our commitment to bequeathing lasting legacies of improved living conditions.
“Our commitment to improved workers’ welfare runs deep, and is rooted in the firm understanding of the inextricable link between an inspired workforce and the audacious economic targets we had set our sights on.
“We clearly understood that reducing poverty to the barest minimum and achieving an unprecedented economic growth target were contingent on the output of the workforce. Therefore, for us, the best way to acknowledge that labour creates wealth is by ensuring that the workforce, which creates the wealth that oils the wheel of government, is sufficiently motivated.
“We have similarly demonstrated our commitment to workers welfare through the consistent payment of the wage awards, a gesture we had pledged to sustain until a new wage structure took effect.”
Speaking, the Chairman of the Enugu State chapter of the Nigeria Labour Congress, NLC, Comrade Fabian Nwigbo, thanked governor Mbah for always prioritising the welfare of workers, describing the new minimum wage as “a great one for Enugu workers.”
“In the past, when minimum wage is announced, it takes up to one or two years for anything to happen; and when it did, we took anything they gave us as we saw it. But today, you have even given us something much higher than national minimum wage.
“But I am not totally surprised because when other governors were paying N12,000 wage award, you were paying us N25,000. When others paid for some months and stopped, you continued paying it until the new minium wage as you promised. So, we have enjoyed wage award for 11 months and today you announced the minimum wage which is the first of its kind since my 32 years in service,” said.
Speaking to Government House correspondents, the Chairman of the Enugu State chapter of the Trade Union Congress, TUC, Comrade Ben Asogwa, said, “We are so happy. The governor did not just announce ₦80,000 minium wage, but said that it cascades down to even local government workers. He said that he does not want disparity in salary implementation in Enugu State anymore because we all go to the same market.
“This is the first time in history we are seeing the implementation of minimum wage above the approved amount by the federal government. Actually, when we entered into the negotiation, we were afraid because we know quite well that we are not among the states that share in dividends of oil money. We know quite well that we are at the back when it comes to federal allocation, but His Excellency actually surprised us.
“One thing we have seen is that he understands the impact of motivation on productivity. The governor has set a pace and we know that any other person coming after him will have the challenge to meet up with the target set by His Excellency, Governor Peter Mbah.”
On his part, Chairman of the Association of Local Government Workers, ALGON, Enugu State, Hon. Okechukwu Edeh, pledged the commitment of council chairmen to implementing the new minimum wage.
“When you motivate workers, they become more productive. What I am promising on behalf of the Enugu ALGON family is that we are going to cascade the new minimum wage to the local government level. Implementation begins immediately,” he said.
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