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

Read the full story here

Featured Content