Smart machines: Will they disrupt the banking industry?
Decades ago, self-driving cars were nothing more than an unrealistic dream. But in today's tech-savvy world, this dream is now a reality ― with the concept of smart machines. Once considered in the same vein as our childhood super heroes, smart machines are now all set to rule our industries.
Smart machines are basically intellectual devices that use cutting-edge technology to displace human chores. These machines can make use of loads of facts and figures from various sources to offer new kinds of information and can analyze huge amounts of data and information to reach conclusions that human beings can't even begin to imagine!
Examples of smart machines include self-driving cars and cognitive computing systems that can process problems, make choices, and provide solutions without the need for human involvement. In fact, smart machines are poised to be the next digital disruptors across all sectors! They will revolutionize the way businesses are run and can be especially useful within the banking industry.
Smart machines can offer huge latent benefits to early adopters in the financial services sector, including better customer experience, higher productivity, and larger profits. Banks are now deploying smart machines across an array of jobs. In fact, many banks will replace the jobs humans used to do, while others will introduce services that were not possible earlier. Thus, it is crucial for IT decision-makers within banks to prioritize prospective investments into smart machines.
Applications of smart machine technology in the banking industry include smart vision systems, virtual customer assistants, smart advisors, smart security, virtual personal assistants, as well as smart infrastructure.
An animated avatar of a virtual customer assistant, which is smart enough to offer intelligent help to customers while creating a fun experience ― such as the flapping and drumming on the screen of a tablet or a smartphone ― is an example of the kind of smart machines that banks will look to invest in the near future. Similarly, the demand for smart vision systems is likely to increase dramatically for the purposes of identifying thefts, authenticating using laser ray technology, measuring consumer attention spans to predict customer actions, etc.
Smart infrastructure is another innovative area in which banks will soon be investing in. Smart detection technologies implanted in building infrastructures can help bank executives predict problems, make well-versed decisions for asset maintenance, and even use green technologies.
So by when will we be able to witness the impact of smart machines in the banking and financial industries? Well, it is expected that most banks will invest in smart machines and their supporting technologies over the next few years. However, an impact of this will be the removal of millions of banking jobs, specifically in the US and UK. However, to counter this and to sustain superiority over machines, bankers should look to move more complex roles like expert thinking, breakthrough ideation, and complex communications to us humans while leaving the more mundane banking chores to the smart machines.