SA’s Nedbank May Replace 3 000 Jobs with Software Robots

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Nedbank Regional Office – Ridgeside D (Photo Credit: dhk.co.za)
Nedbank Regional Office – Ridgeside D (Photo Credit: dhk.co.za)

SA’s Nedbank May Replace 3 000 Jobs with Software Robots

South Africa’s banking group Nedbank may replace 3 000 employees through software robots, according a City Press report.

The bank’s chief information officer Fred Swanepoel told the newspaper that this would happen through natural attrition and would be offset through the bank’s expected growth rather than through retrenchments.

Nedbank has installed 59 software robots and plans to have 200 in place by the end of the year.

“We have a chat bot in Nedbank Wealth. It navigates through an app or the web via voice or text. We also have a robo adviser in the asset management division. We have robots that help us avoid duplicate payments from a procurement perspective,” Swanepoel told the newspaper.

3d rendering android robot holding tablet in factory
3d rendering android robot holding tablet in factory (Photo Credit: www.shutterstock.com)

South Africa’s First Humanoid Robot

“There are a lot of admin-heavy processes. What can take a person a long time – a robot can do a lot faster and lot more efficiently. In addition, robots don’t get sick, don’t have holidays and work 24 hours a day. You get a vast improvement to your efficiency.”

The bank was spending about R2 billion on technology investments and on Friday showcased its first humanoid robot, which it calls Pepper.

Fabio Minone, Nedbank’s integrated channel officer, said that this humanoid robot cost between R400 000 and R500 000.

For more read: SA’s Pick n Pay Workers vs Technology Leads to Job Cuts

Pepper will become Nedbank’s newest client service champion and form part of its journey to explore innovative technologies that will enrich the client experience.

For more read: Artificial Intelligence is About to Take Your Job: Are You Ready…

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