Saturday , July 21 2018

HDFC is setting up Robot in Banking

HDFC is setting up Robot in Banking

Earlier we saw the use of automation and robotics in several sectors such as Food, IT and Manufacturing. But now automation and robotics will be used in the banking sector because HDFC bank is setting up Automation in Banking.
It is expected that HDFC bank will soon deploy a robot inside on their branches. This deployment will certainly introduce a new era in the banking sector. HDFC bank is all set to introduce automation via robotics in banking and they will be the first Indian bank to do so. This new innovation will be the first product under HDFC Bank’s Project AI (Project Artificial Intelligence).

Job of a Robot

As per primary reports, the robot will be deployed at a Mumbai branch of HDFC. This robot will eventually work as a receptionist or a counter. The primary job of the robot will be to welcome the customers and ask if they need any help.

More or less, it is expected that this robot will have a touch screen which will be displayed on its chest. Several options such as cash withdrawal, demand account enquiry, locker facility, etc. would be displayed on the touch screen.

A customer will be impelled to select one of the options and after that a map of the branch will be displayed showing an option named ‘Take me there’.

Mainly, the robot will work as a useful bank employee. This robot will be able to guide the customers very nicely and the customers would be able to go to any place very easily.

Future of Automation via Robotic in Banking Sector

HDFC has already made some superb future plans for banking sector related with automation via robotics.

The plans are very impressive as HDFC wishes to introduce further technologies such as facial and voice recognition in the robot. This procedures will certainly replace humans in the process because these procedures are more prominent than any human involvement.

For example, if a customer has filled details regarding their home loan on the official website of HDFC, the robot will easily recognize them when they arrive at the branch and will provide the customer required information about their loan.

Inspiration behind the Robots

HDFC’s latest decision of introducing automation via robotic is clearly inspired from the Japanese Banks. The Japanese Banks introduced robot in the banking sector in 2015 and this worked as an inspiration for HDFC Bank.

The Japanese Banks deployed robots in the banking sector on April, 2015. The robot was named Nao. The main feature of the robot was it had a camera fitted on its forehead through which Nao was able to recognize facial expressions and the tone of the voice. Nao was very precise at its job. Nao greeted the customers through its voice and asked for any kind of help needed by the customer.

The Japanese Banks also launched another robot named Pepperin which was bigger than Nao in size. Both of these robots were built to serve the customers of a bank. Clearly, HDFC was inspired by the Japanese Banks and thus they have decided to introduce a robot in India for the banking sector.

Consequence of Introducing Robot in Banking Sector

There are certainly some major benefits of introducing automation in baking but none can deny the fact that this introduction will not be good for the employees of a bank. This automation process will lead to job loss and the loss would be massive.

As per a recent report, around 30% of all jobs will be terminated if automation is introduced in banking sector.

It is expected that one third of the bank jobs will disappear. Introduction of automation will be a big change in the banking sector.

Although, highly sophisticated operations will be handled by the humans, the repeated tasks will be handle to the robots which will kill more jobs.

But this process will also release the pressure from the employees of a bank. Also, the process of doing monotonous tasks will be eased off. Customers will be able to get their required information easily.

Summary of Automation Plan of HDFC

Bank Name HDFC
Project Name Artificial Intelligence
Plan Introducing Automation via Robotics
Debut Branch One of the Mumbai branches of HDFC
Role of Robot Receptionist
Inspired From Japanese Banks

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