As technology is becoming more prominent and as the fintech industry is booming, bots are digitizing and performing mundane, everyday tasks in the banking industry. This new system is in its experimental phases right now, but will soon be permeating the banking industry.
The banking industry hasn’t been disruptive for a while now and something new is in the air. Although bots are being experimented with in compliance functions for banks, Alan McIntyre, a bank manager at Accenture believes that it will soon become an “indispensable technology”. These bots have possible implications in many departments including Finance and Human Resources.
Although I am all for the advancement of technology in all sectors, there is a human aspect that people fail, or refuse, to see. With the advances of such technologies and how these bots can possibly “fully run these departments”, there will be a huge worker turnover in the banking industry.
The banking industry has stayed relatively constant with its processes these past few years and to completely disregard the working class population when switching to these automated systems is saddening. I recommend a way of keeping employees and implementing these systems. I hope these banks will introduce new learning programs for its employees and invest in their future at the bank. Teach the working populations new techniques and tasks in order to stay current and be an asset in their bank instead of dismissing them when the bots can take over their jobs.
Source: https://www.americanbanker.com/news/beyond-robo-compliance-how-bots-will-soon-permeate-banking