Bank of NY Mellon Corp.

The Bank invested in “bots,” specifically robotic process automation (RPA), to improve the efficiency of its operations and to reduce costs. RPA integrates artificial intelligence and is carried out not by physical robots but by software applications. These applications known as web robots or Internet bots are programmed to process automated tasks, and led to the following results: 100 percent accuracy in account-closure validations across five systems; 88 percent improvement in processing time; 66 percent improvement in trade entry turnaround time; and ¼-second robotic reconciliation of a failed trade vs. 5-10 minutes by a human.

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