We see a lot of potential for robots in the banking & finance industry. The two key factors behind this assumption are the increasing adoption rate, increasing improvements in AI and machine learning.
A few months ago RBI asked me to give a talk to the bank MDs and top executives on the potential for robotics in banking.
Here are the key things we talked about:
- Robotics has a way to revolutionise banking just as computerisation impacted 20 years ago. The key is to identify major services to transition.
- Aadhar would become a very critical way for banks to deploy the robots.
- Bankers should move from providing transactional services to providing more customer relationship services. Banks should become a place where individuals and businesses get financial advice and tailored financial products. Rest of it should be done by robots.
Here are the key areas we identified where we believe robots would help:
The key benefit of having robots in the banking & finance industry is operational efficiency. Also, the reduction of human error and automation will provide a lot of value to the customers. Here are some more details as to how it will make banks work better.
- Providing eKYC services at the branches
- Providing multilingual customer support to an increasingly migratory population
- Identifying the key demographics that comes to different branches and knowing real time what kind of services these segments look for.
- Providing product recommendations that are relevant for the customers
- Handling a lot of the paperwork [document signing, scanning and providing checklists for customers applying for loans etc]
- Moving around the documents on the backend. Less paperwork means less hassle.
- Handling basic transactions [such as passbook update, balance enquiry] in highly trafficked branches.
- Providing patrolling services and delivering security
- Authenticating customers coming for locker services and escorting them.
- Virtual and physical chatbots working closely to provide a seamless customer experience.