Automating the banking sector using cobots

Universal Robots in collaboration with G+D is changing the face of banking in India by introducing cobots in the busy sector. Cobots which can easily interact with humans and share workplaces will help in bringing progress into the Indian banking sector as well as improve quality and save money.

After making great impacts in the industrial, hospitality and health sectors, the banking sector is now next in line to get the feel of having cobots work alongside humans to carry out several duties. The flexibility of the cobots will allow the streamlining of many activities in the bank. Some of the roles expected to change with the introduction of cobots in the banking sector are:

Save money and time

The installation of cobots for cash management in the banks will not only save the sector time but they will save money too. With manual operation, errors are surmountable. With cobots,errors such as pilferage will go down. Cobots can process over 10 notes per second as compared to humans whose output is much less than that. Per hour, this would amount to over 30,000 notes.

Helping hand

Unlike old traditional robots that worked for humans and not with humans, cobots will work alongside the banking staff members as helping tools. Cobots are portable and safe and can take up any roles programmed for them.

Flexibility

Flexibility in every workplace is very important for growth. Cobots are flexible and can work on repetitive duties which humans find boring and tiring. The move to have the cobots take over these repetitive jobs will enable the management to assign other duties to the staff members. This will improve creativity and any new challenges they encounter may be beneficial to the sector.

Increase efficiency and productivity

Efficiency in the banking sector will obviously improve with the introduction of cobots. Cobots are accurate and precise as compared to humans. With errors such as pilferage going down, then production will go up.

Improved Security

The introduction of Universal Robots UR3 also means that security in the banking sector will improve. The cobots will work in a constrained space and the programs enable them to keep everything safe and secure. Handling of cash is a very risky business everywhere and puts the lives of humans at risk. They are prone to attacks and other kinds of theft in their line of work. Cobots on the other hand are more secure to use in cash handling because it would be harder to destroy them to get to the cash.

Intelligence

Compared to the classic industrial robots, cobots are very intelligent. They have sensors linked to internet of things and other systems where they can easily monitor everything that is going on. The sensors help them detect errors and danger faster than humans do.

Better customer care services

Customer care services will changewith the introduction of cobots. Cobots of the future will be programmed to assist bank customers through their selections on things like investment and business portfolios and guide them to the correct places they need to be for assistance. Cobots will also act as support agents and help desks when the need arises. Bank call centres are other places that will benefit with the introduction of cobots. Other sectors that will benefit are the Public Relations and the Human Resources departments.

Gain people’s trust

Lack of trust brings about disconnection between the company and the customer. Many banks fall to fraud which sees many branches closing.With the introduction of cobots, customers may renew their trust because they will have an assurance that their investments are in safe hands.

Conclusion

The concept of cobots in the banking sector is very new but there is hope that in the next couple of years, things will change. The fear though is that cobots will take over the job market and deem many people jobless. This may look like the case, but it is far from the truth. Deploying cobots in the banking sector will not take away any jobs but may create more positions.

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