For years, financial institutions have been moving towards robotics for many reasons. The largest is that much of what they do can be automated. As a result, financial institutions are seeing the following benefits:
- Reduction in errors
- Increased efficiency
- Less friction
- More standardization of workflow
- Increased cost savings
- Better overall customer service
Consider Pepper, the famous robot teller. HSBC, located in England and the sixth-largest bank in the world, introduced Pepper in 2018, a robot teller that dances, takes selfies and tells jokes. Pepper is four feet tall and, when “she” says “How may I help you?” it’s in a high-pitched voice. And Pepper also assists customers with many of their banking needs—and when there’s a lull, like when a human has to assist the robot during a transaction, that’s when it goes into entertainment mode, such as dancing to techno beats.
Beyond Pepper, most of the financial industry robotics comes down to basic automation, using what’s called software robotics. This involves the use of software that replaces what used to be done manually, like settling trades and making allocation appropriations. Other robotic services include digital identity verification when taking on new customers, and other labor-intensive tasks.