Tuesday, September 19, 2017

Intelligent robot to be the super assistant in financial industry

Introduction: It takes 20 minutes for an accountant to complete the issuance of such an invoice, including information collection, verification and recording. However, the robotics provider Deloitte Touche Tohmatsu said that an advanced AI robot can do the same job in just 5 minutes.


Accountant in mainland China is embracing automation to reduce office management costs and improve efficiency, which is opening the door for the use of artificial intelligence in a wider area.

Today, one Zhejiang enterprise that produces electrical products are looking high hopes for robots because they can reduce the time required for issuing invoices by 75 percent. The company needs to issue more than 5,000 value-added tax invoices to more than 600 customers located throughout China every month. It takes 20 minutes for an accountant to complete the issuance of such an invoice, including information collection, verification and recording. However, Deloitte said that a customized programmable autonomous robot can do the same job in just 5 minutes. "The speed of a robot is at least 15 times the speed of labor, and it is also known as 'super-employee' because of non-stop work," said Joseph, the Chief Figures Officer of Deloitte China.

Today, more and more companies are using this "robotic flow automation" products, the technology can reduce operation costs and improve efficiency. In addition to Deloitte, the other three of the world's top four accounting firms - Ernst & Young, KPMG and PricewaterhouseCoopers - have also introduced technology-driven services to Chinese companies in banking, technology and consumer services. "We have become the most popular of the application of intelligent service robot in China," said Xia Jun, director of digital banking services at Ernst & Young in Greater China.

In another example, KPMG has provided financial automation services to an international bank. KPMG said the service has earmarked 22 percent of the bank's trade and finance sector and boosted the bank's productivity by 18 percent. "Although most artificial intelligent robots are still in the initial stages of providing basic data collection and processing services, we have entered the second phase: a large data analysis with decision intelligence," said Zhang Longhua, a partner at KPMG China Technology Innovation. He said the robot will also create new jobs for the experts to "class" and repair the machine for the machine, so that accountants and tax professionals can improve their position in the value chain to provide more high-end services. "The application of more intelligent robots with analytical power is likely to become a reality in the next three to five years," he said. "We expect this to evolve into a digital labor force that will replace the work of mankind."

However, Xia said that artificial intelligent robots will not completely replace humans, because decision-making and transformation management work still requires human intelligence and intervention.

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