Robots and A.I in Banking

With the introduction of the R35 Self-Service Robot, it is one of Emerico’s most versatile products made to date. Equipped with an ultrasonic sensor on each side for accurate maneuverability, the R35 has the ability to greet customers with a push of a button and assist them with their enquires. Due to its mobility, the R35 relies on a rechargeable battery where it is capable of enduring 48 hours of standby time while 12 hours of continual use. When required, it will safely and automatically return to the charging station. Do not fret, customers will still be able to utilize the R35 when charging.

 

As a result of the R35’s versatility, its capabilities can be applied to all sorts of industries. Banking is of no exception. In fact, it is able to assist customers with basic account management such as checking bank accounts and process transactions to name a few. The R35 also provides an additional channel to the Omnichannel approach banks should look into. Robots and Artificial Intelligence (A.I) have been making waves in banks to automate redundant tasks, resulting in the closure of some bank branches and reprioritizing resources and staff. The likes of humanoid robots which handles physical tasks on the front while A.I handles the back end of customer service such as data management. Such examples include chatbots to assist customers via digital mediums. Robots in banks take on a more customer-facing role such as welcoming customers and assisting them with enquiries within their means.

 

According to Fintechnews, A.I has also put forth the foundational technologies such as machine learning and language manipulation. Machine learning approaches data analysis where it alters their algorithms on the exposure of new data without any human assistance. By possessing the capabilities to interpret more data than its human counterpart and teach itself to spot patterns and trends, machine learning helps to discover insights which could be overlooked if conducted by humans. Natural language processing (NLP) enables technology to analyze and understand human communication as an input which will then prompt the appropriate computer response.

 

With recent developments of A.I, we are now seeing the emergence of applied A.I through such innovations. One of it is the Robotics Process Automation (RPA) allows company employees to design software to capture and interpret existing applications to process transactions, manipulate data, trigger responses and communicate with other digital systems. This is possible on the basis that the RPA has access to mass amounts of data, detect trends and enable rule-based decision making. With the help of machine learning and NLP, the likes of chatbots are able to understand and hold conversations with customers have not only been prevalent in everyday banking and enquiries but also in various service-oriented industries. As a result, A.I is capable of self-learning and analyze based on customer data, response, and feedback and provide the best and personalized service for customers in a more efficient and cost-effective matter.

 

Although robots and A.I have taken up a more prominent role in the financial industry, it is rather to assist the current workforce in many banks. In order to provide a more efficient and convenient experience for customers, robots and A.I have been implemented to automate mundane and repetitive tasks, replacing the back-end work of paper-pushing and data entry to the front end of customer interaction and service. A.I have also created more technological innovations to provide better efficient service such as machine learning and language manipulation. With such assistance, A.I or robots are able to process and interpret data much more effectively than their human counterparts. The idea of it would be to find out the fastest and most efficient method in producing solutions for bank customers. In addition to that, proving them with a competitive edge to their competition.