Robobanker…is coming

Banks have started using robotics automation techniques driven by the solid results that are “easily” reachble in a relative short timeframe.

Many are the options available (Robotics Process Automation, Robot advisor/assistance, Cognitive Computing/Machine Learning) able to push the cost reduction business cases up to less 30-40%. The success of these techniques is due to the wide applicability and the substantially maturity of the tools already in the market: from our analysis on BO activities a large sized bank can reach FTEs reductions up to 500-100 for each line of activities.

In our point of view the practitioners are only scratching the surface of the gold nugget in the sense that these techniques are mainly used for “cost reduction” purposes but we see wide spaces (not easly to reach) for adoption to enhance the customer experience: a Japan’s megabanks Bank of Tokyo-Mitsubishi showcased a robot bank teller in the hope that the multilingual robot will help foreign customers during…. the Tokyo Olympics in 2020!!! (

Below we try to spot some of the “white spaces” we see:

  1. “Siri-Like” assistant embedded into, at least, the homebanking
  2. Real time financial (and non) advices
  3. Trigger-event life P&C insurances (eg: using geo-location infos matched with hystorical injury risk based analysis is it possible to offer real time flexible pricing for “trip insurance” direct at the airport!)
  4. “Google-Like” search bar for investment analysis “as needed”

The options available or “thinkable” are a very long list and we believe will grow exponentially as far FS companies become smarter in using “new” data (arising from e.g. IoT).