The robots aren’t taking over, yet

By Teamspirit on Thursday, 28 July 2016

Reports of the decline of human bankers have been exaggerated, at least on the high street.

While banks continue to funnel money into artificial intelligence (AI), the message is that this is to support their human staff, by taking over simple tasks and freeing them to help customers with more complex banking needs.

This is partly down to the I in AI at the moment. The Royal Bank Of Scotland’s AI system can currently answer 400 questions with 90% accuracy. This is an impressive feat after only a few months of trials, but with all the myriad differences that make each customer unique, from banking habits to accent, even the most advanced retail banking AI is some way off being put in full control.

Banks are in a race to improve customer experience through smart automation - particularly in the mobile space - but there is still room for people in the process.

In fact, First Direct promises that you’ll never speak to a robot. Of course, that doesn’t mean that the person you do speak to isn’t being helped themselves by a robot

As customers become increasingly demanding of their banks, and the sector as a whole evolves, it’s completely understandable that banks are turning to AI to help their employees work faster and smarter.

AI’s ability to learn quickly through observation and repetition, and suggest simpler ways for people to act as a result, means that it’s ideally placed to help banks find that elusive balance between keeping costs low and customer satisfaction levels high.

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