Will you be replaced by a robot? This is the question that one of the banks in India has answered by being pioneers in introducing humanoid robots to
Will you be replaced by a robot? This is the question that one of the banks in India has answered by being pioneers in introducing humanoid robots to assist with serving their customers better. Indian leading private lender HDFC Bank has started using robots to improve the service it renders to their customers. With the increased number of people opting to move to digital banking in the recent past, it has forced most banks to consider how viable opening new branches across the country will be. The bank recorded a move of 71 percent of its customers to the digital banking platform by the first quarter of last year. Therefore, there has been less need of customers to visit the branches and interact with humans for their business transactions.
HDFC Bank has been experimenting with different use cases in the blockchain where the digitization may be implemented this includes areas such as document management, transaction processing and KYC ( Know your Customer ). Once this is well tested and the response from customers is defined, then there is a plan for a major implementation across the country, and HDFC Bank can pave the way for other banks to operate with robots.
More banks in India have decided to look at blockchain and artificial intelligence to increase efficiency with their tasks and improve customer satisfaction. For example, Ripple’s blockchain will soon be used by Axis Bank to operate cross-border remittance in all their branches. Other banks like ICIC for fear of being left behind has been exploring its digital capabilities by creating a division to harness block chain technology, and it have come up with applications to improve its services to customers. YES Bank recently also talked about digitizing all their vendor machines.
When or if robots are further implemented into banks are yet to be seen, but it is clear that the world is heading in the direction of digitization. Robots and especially artificial intelligence are slowly creeping into our lives, and banks need to keep up with this technology to continue making a profit, being relevant and secure and remaining competitive in the future. It is understandable that people fear that technology will eliminate jobs. However, history has over the years shown that technology creates more opportunities.
Ultimately the response to the customer reaction when dealing with these new technologies will dictate the success or failure of each of their ventures.