Monitoring
hyper-automation
European
banks are desperately trying to find ways to save money in these
straitened times. ING, a major Dutch lender, announced this week that
it plans to save €900 million ($1 billion) a year by cutting 5,800
jobs as part of a “digital transformation.” A further 1,200
employees will have their jobs changed or moved.
This
transformation doesn’t come cheap. ING plans to invest €800
million over the next five years on technology that will standardize
its infrastructure, data, and other processes into “one digital
banking platform.” Most of the job losses will be full-time staff
in Belgium and the Netherlands, where risk management, finance, HR,
and IT functions will be centralized. In Belgium, the number of ING
branches will be cut to 650, from 1,200.
The bank is
setting aside €1.1 billion for redundancy payments. Added to the IT
investments, the rough bill for replacing people with machines will
run to the equivalent of more than $2 billion.
More:
Previously
on hyper-automation:
Read
also:
Comments
Post a Comment