Robots and the Virtual Workforce

Blue Prism, a U.K.-based virtual workforce company, debuted Friday on the alternative investment market (AIM) of the London Stock Exchange. Its share price quickly jumped to 112.5 pence, well over the initial offering price of 78 pence.

The robot software specialist is the first of its kind to trade on a public market. According to Blue Prism CEO and co-founder Alastair Bathgate, the company’s listing will help support its international expansion into so-called robotic process automation (RPA).

These robots are programed to automate routine back-office tasks, enabling the computerization of manual administrative processes. In a statement, Blue Prism said its biggest market opportunity lies in the increasing adoption of RPA by large enterprises, such as financial companies, to carry out billing, claims, customer service and HR tasks.

The robo-business field is expanding rapidly in the U.K. Earlier this week, the Financial Conduct Authority welcomed the use of robo-advisers, a piece of portfolio management software, to reduce the cost of financial advice for all customers, including pensioners, savers and younger people.

One of the first financial institutions to take up this suggestion was Royal Bank of Scotland. It announced Tuesday that 550 employees across its investment advice and protection teams, which provide tips and guidance on various financial products, will be replaced by robo-advisers.

RBS posted a £2 billion (€2.5 billion) loss at the end of February and decided that financial advice by its human employees will be offered only to its clients with more than £250,000 to invest.