# Cobots in the financial workplace: Reducing costs, attracting talent and enhancing sustainability
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-25
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Revolutionizing Finance With Cobotics
Meta Description: Discover how cobotics can offer a cost-effective solution for finance leaders to balance the books and improve employee value proposition amidst economic
URL: https://financedigest.com/cobots-in-the-financial-workplace-reducing-costs-attracting-talent-and-enhancing-sustainabilityhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1295458543-1736815545634-compressed.jpg)

![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/stefano-bensi-450x444-1736815545644-compressed.jpg)

_By_ **_Stefano Bensi,_** _General Manager, SoftBank Robotics EMEA_

Finance is a sector at the cutting edge of technological innovation. Be it the incremental enhancement of digital banking products, the continued climb of FinTechs, or the abundance of tools that enable [finance leaders](https://www.financedigest.com/how-finance-leaders-can-turn-the-inflation-challenge-into-opportunity.html "How finance leaders can turn the inflation challenge into opportunity") to operate more effectively behind the scenes, the industry has become a rising tide of disruption. This is a characteristic that will prove invaluable in the face of extreme [economic uncertainty](https://www.financedigest.com/combatting-economic-uncertainty-in-2023-with-the-payments-sector-2.html "Combatting economic uncertainty in 2023 with the payments sector").

According to Deloitte’s latest UK CFO Survey released April 2022, finance leaders are flagging record levels of risk driven by geopolitics and inflation. 98% of CFOs anticipate operating [costs to rise in the year](https://www.financedigest.com/commonenergy-mistakes-costing-homeowners-hundreds-of-pounds-each-year.html "Commonenergy mistakes costing homeowners hundreds of pounds each year") ahead, with almost half expecting these rises to be significant. Within this context, a [key and immediate priority for finance](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") leaders will be balancing the books to effectively navigate the storm.

Here, cobotics – that is, collaborative robots – can offer a much needed helping hand. Defined as robots that work alongside humans to increase their productivity, the role of the cobot is to supplement people, not replace them. They provide optimal [support for organisations and employees](https://www.financedigest.com/73-of-employees-in-the-banking-and-financial-services-industries-are-looking-for-better-physical-and-mental-wellbeing-support-in-the-workplace.html "73% of employees in the banking and financial services industries are looking for better physical and mental wellbeing support in the workplace") to ensure that they can work as efficiently and effectively as possible.

**Gaps and gains**

Typically, when a department reaches its capacity, the first instinct is to expand resources by bringing more bodies on board. However, depending on the roles in question, this isn’t always necessarily the most effective approach. In some circumstances, the use of cobots may make more financial sense, while improving the employee value proposition at the same time.

That’s not to say robots or cobots can or should do whatever humans do. That’s quite [clearly not the case](https://www.financedigest.com/speaking-clearly-the-case-for-voice-biometrics.html "Speaking Clearly: The Case for Voice Biometrics"). But they can be deployed to take on the more repetitive, mundane tasks, such as vacuuming or floor scrubbing, which would free up a cleaner’s time to concentrate on the finer details that may positively impact their experience as an employee. It may also improve the experience of building occupants who, from seeing cobots in action, recognise that cleanliness and hygiene, and therefore their health and wellbeing, are front and centre of their employer’s agenda. Win win. And that’s before you consider the potential financial gains.

Let’s consider a basic cost comparison. [Say a cleaner whose main role](https://www.financedigest.com/amazon-ceo-says-job-cuts-to-exceed-18000-roles.html "Amazon CEO says job cuts to exceed 18,000 roles") is to vacuum costs £12 an hour. A robot will usually be less – say £6 an hour – so the robot is immediately cheaper. If you’re paying around £450 a month for a cobot rather than hiring someone new for £2,000 a month, your ROI is improved from the outset. And that’s without factoring the fact that the cost of an [employee](https://www.financedigest.com/5-ways-to-support-your-employees-during-the-cost-of-living-crisis.html "5 ways to support your employees during the cost of living crisis ") is in fact much more than their salary when accounting for additional costs such as management, training, absenteeism, pensions, benefits, annual leave, travel, resources, and tools. The associated costs with cobots, on the other hand, are minimal.

Such costs can be overlooked in companies where hiring is completed at the departmental level. CFOs can help address this. They will understand this true cost difference and could therefore inform those departments considering cobotics with the right information to enable a fair ‘apples to apples’ comparison.

This approach can help finance [firms navigate the storm of rising](https://www.financedigest.com/analysis-rate-rises-pile-pain-on-sme-firms-in-u-s-and-europe.html "Analysis-Rate rises pile pain on SME firms in U.S. and Europe") costs and labour shortages. Last year, a British Cleaning Council (BCC) report found that firms [experienced record](https://www.financedigest.com/europe-experienced-second-warmest-winter-on-record.html "Europe experienced second-warmest winter on record") increases in vacancies at a time when UK cleaning labour makes up 5 percent of the national workforce. The BCC report revealed that 11 of the UK’s biggest cleaning firms reported 1,917 vacancies in total, with one firm noting that their vacancies had increased by 252% in the six months prior to its publication. According to those firms, the two major reasons for the shortage have been a large proportion of foreign nationals [leaving the UK following Brexit](https://www.financedigest.com/eu-ready-to-leave-brexit-and-the-essex-sme.html "“EU Ready to Leave?”: Brexit and the Essex SME") and employees moving to other jobs, such as truck driving or hospitality.

It’s not about replacing people with cobots. It’s about [filling the gaps](https://www.financedigest.com/analysis-energy-hungry-europe-cant-look-to-u-s-shale-to-fill-any-opec-gap.html "Analysis-Energy hungry Europe can’t look to U.S. shale to fill any OPEC gap") that already exist and easing the burden of repetitive labour.

**Attracting and retaining [top financial](https://www.financedigest.com/top-north-east-financial-adviser-firm-talks-corporation-tax.html "Top North East financial adviser firm talks corporation tax") talent**

It is not just cost margins where cobots can unlock improvement, however. Equally, they can play a key role in enhancing workplace environments that can make all the difference in helping [finance firms secure](https://www.financedigest.com/application-security-in-the-finance-industry-what-you-should-know.html "Application Security in the Finance Industry: What You Should Know") and retain top talent.

A significant outcome of the pandemic has been the democratisation of the workforce. Employee expectations have never been higher, with people wanting to retain the freedom to choose when, where and how they work. If a company doesn’t meet these demands, staff will simply go elsewhere. Finance firms cannot afford not to take note, given the industry has become one of the most competitive talent arenas around.

According to a [report](https://www.barclayscorporate.com/content/dam/barclayscorporate-com/documents/insights/International-22/Strength-in-numbers.pdf) from Barclays, access to talent is the second leading priority among financial firms in the short-to-medium term, only second to growth. At the same time, [research](https://financialservicesskills.org/news/technology-skills-and-creative-thinking-are-critical-for-future-success-of-financial-services/) by the UK’s Financial Services Skills Commission (FSSC) reveals that 92% of its member firms had hard-to-fill vacancies in 2021.

Between a major focus on [hiring top talent](https://www.financedigest.com/5-steps-hiring-top-talent-youre-just-start.html "5 steps to hiring top talent when you’re just a start-up ") and firms struggling to fill positions, the battle for top financial talent will remain fierce for the foreseeable future. To be successful, [finance firms therefore need to meet employee](https://www.financedigest.com/4-reasons-your-finance-employees-are-showing-signs-of-stress.html "4 reasons your finance employees are showing signs of stress") demands while simultaneously plugging the gap caused by labour sourcing woes.

Culture is vital here, underpinned by the demand for flexibility. Data from [Deloitte](https://www2.deloitte.com/uk/en/pages/press-releases/articles/purpose-flexibility-and-empowerment-what-financial-services-employees-want-in-the-future-of-work.html) shows that over half (54%) of financial services employees want their organisation to offer alternative working patterns, such as flexibility in terms of hours or location. This demand for choice [doesn’t mean](https://www.financedigest.com/making-sure-that-finservs-digital-transformation-doesnt-mean-digital-exclusion.html "Making sure that FinServ’s digital transformation doesn’t mean digital exclusion") that the office is now redundant, however. A separate survey from [Accenture](https://www.cityam.com/one-in-four-uk-financial-services-workers-want-to-work-from-home-full-time-says-new-survey/) reveals that only one in five UK financial services workers want to work from home full-time. That leaves four in five still wanting to have some access to workspaces outside of their home.

For this majority, [financial firms](https://www.financedigest.com/turning-a-blind-eye-wont-work-for-financial-firms-as-the-fca-tightens-its-grip.html "TURNING A BLIND EYE WON’T WORK FOR FINANCIAL FIRMS AS THE FCA TIGHTENS ITS GRIP") need to provide great environments that offer everything from the right amenities and a good mixture of spaces (be it productive, collaborative and social) to in-office perks and clean, pleasant environments. The latter is a highly relevant example, with health, safety and hygiene having risen to the top of the agenda since the outbreak of the pandemic. And here, cobots are already playing a significant supporting role.

In 2020, SoftBank Robotics and Infogrid deployed dozens of air quality sensors across two test sites – a [corporate bank](https://www.financedigest.com/post-crash-banking-regulation-is-transforming-the-world-of-corporate-lending-for-the-better.html "Post-crash banking regulation is transforming the world of corporate lending – for the better") headquarters, and a corporate office environment. These were used to monitor both sites over a four-week period – for two weeks while cleaning [teams continued to service the areas](https://www.financedigest.com/what-skills-and-areas-of-knowledge-should-finance-teams-develop-during-2023.html "What Skills and Areas of Knowledge Should Finance Teams Develop During 2023? ") in line with their normal cleaning schedules, and two weeks with Softbank’s Whiz cleaning cobot solution deployed.

The results were conclusive. With the [study having gathered and measured](https://www.financedigest.com/national-cinemedia-releases-first-cinema-attention-measurement-study-conducted-by-lumen-in-collaboration-with-dentsu.html "National CineMedia releases first cinema attention measurement study, conducted by Lumen in collaboration with dentsu") approximately 400,000 data points, analysing dust particulates before and after Whiz’s deployment, it uncovered an incredible 50% reduction of following the introduction of the cobot technology. Cleaners are rarely allocated time to vacuum the full floor [space of an office](https://www.financedigest.com/a-guide-to-finding-office-space-for-your-startup.html "A guide to finding office space for your startup"). The reliability and full coverage of cobots, resulted in dust being consistently removed rather than being agitated back into the air by people walking. In this way, cobotics had a significant and direct impact on air quality.

**Supporting sustainability goals**

Beyond optimising expenditure and improving [talent strategies](https://www.financedigest.com/talent-strategies-are-the-first-step-to-productivity-solution.html "Talent strategies are the first step to productivity solution"), a third benefit of cobots in financial workspaces lies in their ability to support sustainability strategies. Typically, such strategies should      consider the entire [carbon footprint](https://www.financedigest.com/ecb-can-cut-carbon-footprint-by-shedding-bonds-of-biggest-polluters.html "ECB can cut carbon footprint by shedding bonds of biggest polluters") of a product, direct and indirect. This begins with looking at the materials used in the manufacturing of a product as well as its energy usage, and then extends to indirect considerations such as the journey that it took in order to reach the end customer. How far did it travel? Was it delivered via a vehicle? What were the emissions of that vehicle?

At the same time, in a 2020 study, a sponsored study by PA Consulting measured the vacuuming patterns of cleaners and found that between missed areas and overcleaning (by going backwards and forwards over the same space), total wastage was 67%. Thus the energy costs of manual vacuuming far exceeds that of cobotic cleaning.

In this sense, cobots can also help companies make incremental, meaningful gains to their sustainability strategy. From improving the environments in which people work and boosting employee morale, productivity and confidence to come to work, to supporting talent attraction and retention while [reducing costs](https://www.financedigest.com/latam-airlines-reduces-cost-per-user-by-83-thanks-to-innovative-ad-technology.html "LATAM Airlines reduces Cost Per User by 83% thanks to innovative ad technology"), cobots can create significant competitive advantages.


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---