Robots help banks cope with loan requests through coronavirus pandemic

LONDON (Reuters) – When banks were flooded with loan requests from businesses struggling with the fallout of the coronavirus pandemic, hastily built robots helped several lenders cope with the deluge. “Bots allowed us to process a much higher volume of applications than we would have been able to do before. Global IT spend by banks is set to shrink by 1.7% this year to $200 billion, down from $203.5 billion in 2019, based on IDC data. Santander’s UK division rolled out data analytics tools to speed up loan application processing and credit checking as borrowers came under strain. “Banks are struggling to deploy new software,” David Buxton, chief executive of Arachnys, a startup that sells compliance technology to banks.

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