Robots Are Taking Over Bank Branches

by Ben Jackson 0

While robo-investment advisors have been getting their share of press recently, some banks are looking to put robots in their branches to help with in-person interactions. A report in The Financial Brand describes how banks in Japan, Russia, and Taiwan have all deployed some kind of robot in branches to help customers. While robots are a novelty for people in branches today, the article questions the long-term viability of the technology.

Consumers are often frustrated by technology, and already feel that banks treat them like “a number.” Think about it: automated voice response systems and complex phone trees are maddening. The problems customers encounter in these other digital — and less personal — channels are probably a big reason that they drove to the branch in the first place. You could argue that the last thing a customer irritated by tech issues wants to see is more tech.

Technology offers many opportunities for delivering new products and improving customer service, but it requires a thoughtful balance with being able to provide a human touch. Because after all is said and done, the customers are humans themselves.

Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group

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