L7 having its innovation hub in North America will attempt to use Robotics with the view of revolutionizing the way of financial institutions do business through something called robotic process automation (RPA). It’s essentially a virtual workforce based on software that frees up human employees to focus on less tedious tasks that only humans do well. One write-up described RPA as “analogous to those giant yellow-armed robots deployed across factory floors in that it changes the calculus of outsourcing/insourcing decisions by automating labor-intensive tasks.”
In terms of specific business benefits, L7, uses RPA to run the operational gamut from customer service and processing to fraud detection, auditing, compliance and more. It’s also used to automate and increase the accuracy of reports, which involve culling a profusion of details and data and are a key part of the compliance process.