Will robots replace bank employees?
The company PricewaterhouseCoopers (PwC) has released a report in which it presented its own vision of the technological transformation of the financial market by 2020.
The technological landscape of banks will undergo significant changes over the next five years, according to PwC analysts. The determining factors for financial institutions will be the development of clouds, block-chain technologies, big data, Internet of Things, as well as artificial intelligence and robotics.
Analysts state that the digital channels, which were developed as an experiment, and a supplement to a physical office, are now turning into the main way of interacting with customers.
The role of banks as intermediaries, in this sense, will be decreasing, and the model of "collaborative consumption" in the field of financial services will gain widespread. “This model suggests centralized asset ownership when IT will be used for finding the most suitable interrelationships between owners and capital users,” the report says.
Analytical tools will become the main tool for business development. Information security has already become one of the key risk factors for banks, and the situation is unlikely to change for the better in the future because technologies are constantly developing, and the protection perimeter is being eroded by a growing number of connected mobile devices.
“Tools that formerly ensured the safety of transactions carried out with the physical use of bank cards will not help in the Internet of Things era,” said Julien Courbet, head of PwC global practices in financial services technologies.
“Another trend is the development of artificial intelligence and robotics. It seems that in the near future banks’ operating centres will be filled with high-tech robots that will replace the employees who perform cash and other operations in the manual mode,” Julien Courbet said.
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