It’s not just banks, of course, where the robots are taking over; giving directions in malls, driving our cars, toasting the perfect bagel — all opportunities for a robot to perfect a repeatable process by removing the human elements of error, variability, and subjectivity. At the bank, a robot might be great at a quick task — like checking a balance — and be even more efficient than tapping your way through a mobile app.
Siri, when is my credit card payment due?
But the future of personal finance is about a lot more than just efficiency. Money matters are the number one cause of stress in American adults and the decisions are only getting more complex, not simpler, as there are ever more options for investing, loans, banking, credit, etc. The financial planning sector is a US $55Billion industry and growing (Source: IBISWorld) because people need guidance, and the popularity of Suze Orman and other financial advice celebrities proves that consumers are seeking someone they can trust and are willing to listen to advice — even from a stranger on tv!
So why shouldn’t banks step into this role, and work to become the trusted advisor that consumers are yearning for? But will a robot like Pepper become that trusted financial friend?
To be honest, probably not. Pepper might be a clever and futuristic way to ask about current rates, to get added to a queue to meet with a human banker, or even just be greeted at the door; but not to help someone choose the best account type for their needs, develop a household budget, or refinance their home. We will stick to our human banker friends for that, thank you. That said, next time you’re in New York it might be fun to stop by HSBC and meet Pepper. Maybe for a game of chess?
