Robotics in Banks

What comes to your mind when you see this title “Robotics in Banks”? The adorable humanoid robots that greet you in the lobby of banks in your language and urge you to select options of bank services?

Actually robots interact with you more than in this physical form during your stay at banks.  Robots in banks today go beyond gimmick.

Banks have been embracing the wave of FinTech to drive businesses, speed transactions, and improve services. Bank services are no longer confined by bank opening hours, and bank customers can save the time of waiting in lines in the banks.  You can open a new bank account from a VTM (Video Teller Machine) near your home or office any time. You can exchange USD and Euro to local currency at a Foreign Currency Exchange ATMs at higher rates. (This is especially important for travelers who oftentimes can’t go to the bank at bank opening hours.  Hotels and the change bureaus in the airports are convenient for travelers, but they usually have the worst rates.)

Such 24/7 conveniences in bank services are realized and automated by artificial intelligence (AI) and machine learning, coupled with robotic process automation (RPA).

The FinTech is adopted not only in America and Europe. The FinTech is transforming the banking sector around the globe. Sampath Bank introduces first Banking Robot in Sri Lanka in October 2017.

Photo Credit: KAD Self Service Machines (UK and Sri Lanka companies)

This Banking Robot is an automated teller which uses artificial intelligence to understand customers’ requests and perform the relevant transactions. It detects the presence of customers and automatically starts a conversation.

The Banking Robot at Sampath Bank is provided by KAD Equipment who integrates Plustek SecureScan scanner into their self-service banking machines to scan and recognize customers’ passports. The tourism in Sri Lanka grows rapidly.  This Banking Robot greatly helps tourists in purchasing Sri Lankan Rupees any time they need and at better rates than hotels.

Technology is to serve humanity, not the other way around. If you don’t understand these technical terms. No worry. Just enjoy the benefits and conveniences brought by the FinTech!

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