Gone are the days when you had to stand in long queues to interact with banking personnel. Banking operations are already available on your smart phones but there are still some banking operations that required a human element.
AI (artificial intelligence) is already an essential component of the banking sector whether you feel its presence or not. Artificial intelligence operates on smart phones to create a more efficient mobile banking experience.
The time has come when banks have decided to take customers directly into a science fiction novel by providing in person service at branches using robots. Robotics is shaping the future of the industry for financial reasons as well as improving customer experience.
A robot is a machine that is pre programmed to do certain tasks in automated ways using series of actions. Robots may be made in the human form to be user friendly but primarily they are machines to perform tasks with no regard to how they look. Earlier only major banks like Bank of America, Citibank and the Bank of Tokyo were using robots to provide efficient customer service and security. Bank of America has a very famous robot named Erica, a chat bot which provides financial guidance using trend and predictive analysis and cognitive messaging. The Bank of Tokyo’s robots actually work in branches reducing the human element in repetitive tasks. They can communicate in 19 languages utilizing a camera and microphone.
Lakshmi, India’s first baking robot made its debut in 2017 in City Union Bank in Chennai. The robot was programmed to cater to the public on 125 banking subjects like-
Apart from the above mentioned generic questions, Lakshmi was programmed to connect to the core banking system. If a customer wanted to see certain details, it would be displayed on an inbuilt screen.
Robots in the financial sector in India are still on the pilot stage, therefore only a handful number of such robots are operational that too in specific branches. Both public and private sector banks have deployed robots to increase customer efficiency. Following are the banks that use robots-
The above mentioned banks have humanoid robots (robot that looks like a human). They are being used as chat bots or to guide customers upon various retail products offered by a particular bank.
Millennials are already frustrated with traditional banking procedures like having to stand in long queues, having an unpredictable experience and unpleasant interaction with an employee. Robots in the financial industry can resolve customer’s issues without a customer ever standing in a queue. Robots don’t require breaks, they don’t sleep and they even work on bank holidays with greater accuracy and speed.
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