How Will the Use of Robots Impact the Banking Sector

Bot Banking Are you Ready for the Future

Robots are gradually changing the face of modern banking. Think the ubiquitous ATM, virtual tellers, or even robo advisors in wealth management, which may soon become a common sight in the financial services industry. Their potential invasion into the banking sector has many observers worried about how it could affect the industry.
Proponents of these technologies argue that they have the potential to reduce costs, expand skills, and improve customer experience. Skeptics, on the other hand, are worried that the rise of the robots could mean the beginning of the end of human participation in the banking industry.

Benefits of Using Automation, Robots in the Banking Sector

While people still perceive robots as threats, a study conducted by IT and consulting firm, Cognizant reveals that this need not be so. The research found that automation and technology should not be feared as they actually offer benefits that may not be possible otherwise. Findings from the study revealed that front-office and customer-facing automation brought about at least 15% cost savings each year.
Other benefits of automation were found to include more standardized process workflow, lower error rates, improved management of repeatable tasks, as well as a lesser need for multiple systems or processes to complete an operation. Indeed, the fusion of digital technology and automation into the banking industry has enabled managers to offer more streamlined and efficient products.

Humans and Technology Can Coexist

Many people worry that the rise of automation in the banking industry could lead to a massive trend of unemployment for bank workers because these technologies would do the work of many employees at a cheaper cost. They opined that as technological advances are made, jobs that previously required manual oversight will be in short supply, leading to a fall in demand for human workers in the banking sector.
Such concerns have lingered on for years. However, research carried out by Accenture suggests it may be wrong to conclude that the rise of automation in the financial services industry could lead to job displacements in the sector in the long run. The study shows that contrary to such widespread beliefs, organizations who embrace intelligent automation may see their revenues increase by as much as 32 percent by 2022. More importantly, employment could also rise by 9 percent over the same period.
This, it is believed, will be occasioned by job change and evolution. More so, humans will be needed to teach, monitor, and maintain these technologies. On its part, automation will boost human skills and judgment. Not to mention that banking sector jobs that require creativity, judgment, and empathy will still need humans to be in control.

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What Are the Pros and Cons of Bots? automate all services

 

You And The Robots

is here to stay. At least it seems that way. Ordering in food or flowers or getting your alarm going in the morning has never been easier, or more fun. As with every new development, there will always be a few negative things that will try to mess it up. The advent of bots has come with a number of advantages as well as disadvantages.

Bots have found their way into many spheres of our lives.

  • Marketing
  • Education
  • Healthcare
  • Lifestyle
  • Customers services

These fields and more have developed automation services or tasks that can be dealt with by virtual assistants. Socializing on social media has brought some significant reasons why you may need to find out how you can block bad bot traffic. That aside, there are many good things associated with bots.

Advantages

Bots have brought with them a world of good. Have a look:

  • They save time for the server and the customer or client and are also very convenient.

They save time and money for the business and this results in higher profits for the business. If you factor in online shopping, you will understand how much time you save by being able to do your orders from home. You do not need to make time during the course of the day to go shopping. All the browsing and testing and the time wastage that physical shopping brings can be avoided.

Should you get home in the dead of the night and you are either too tired to cook or there is nothing in the fridge, you can turn to the internet for a solution. Stores are open 24/7 and you can have food delivered to you at any time. That is quite a leap from the time when you would have to make a call or find that no stores were open past a certain time. As long as you can access the chatbots all you need to remember is what you want to eat. In addition, you can browse for restaurants that are open in your area without having to call anyone. Thus, no one knows where you are unless you choose to tell them.

There is nothing that tires a person as much as something that one has to do over and over again, every day. Imagine having to physically take down files, then put them back and having to repeat that throughout the day or even the week! One is bound to get bored. Automation takes care of such tasks for you as yousimply order your bot. You can then move on to other tasks. You get more done that way.

If you need your incoming information organized, bots help to make that happen in record time. The same happens with data organization.

When you are dealing with a lot of activities that are interrelated, it is easier and faster when there is a bot to handle them. Pushing buttons and getting information from myriads of sources and coordinating directions can be achieved so much fasterwhen one simply has to give orders.

Disadvantages

Below are a few disadvantages of the use of bots:

  1. They cannot be effectively set to perform exact tasks and they can misunderstand instructions. One can set up more that one bot to deal with several tasks though.
  2. If a customer makes an order that is beyond the bot’s scope of knowledge, that could be a problem, especially if there is no human to interpret the order or deal with such a situation should it crop up.
  3. Some things cannot be taught. A chatbot, for instance, does not have the capability to interpret additional features of an order. It is only a human who can make adjustments if need be. It is therefore necessary to have a professional on hand to deal with issues that the bot may misunderstand.
  4. The human touch is still necessary. Most human beings still prefer to deal with a fellow human with whom they can engage in some small talk as they take care of their order. It is also not possible as yet to automate all services. Some things like deliveries can only be done by humans.
  5. There is the possibility of abuse from unscrupulous humans. You must have heard about how people get trolled online by others. For the longest time, it was assumed that there are a lot of humans on social media sites who have nothing better to do than start fights.

On the issue of trolls, it does seem that some humans are up to no good where others are concerned. However, it is a relief to know that such bots can be identified and furtherinteraction with them avoided. It is also good to know that one can get such reported and blocked as they tend to come up in the form of social media accounts.

Bots may be relatively new as of now, but there are developers who are working hard to make them better. Right now, the jury is out on whether they are really helpful or not. Many enterprise owners have embraced the use of bots in their businesses, especially for customer care purposes. That is definitely a sign of great things to come.

Conclusion

Bots are beginning to make their presence felt and not just in the social media circles. It would appear that they are most prone to abuse in those circles as people can easily make botaccounts for trolling purposes. That said, the development of bots cannot be pushed aside. It is just a matter of time before they take over all things to do with the internet. As the developers work on making better bots, you may continue to enjoy the privileges of shopping online and getting your data synchronized in record time.

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5 Best New Technologies For Teens

Technology for Teens

Looking for the perfect gift presents for teens is more difficult than it looks. The kid’s gadget market is awash with expensive junk meant to end up unloved as well as forgotten at the end of gadget box within days of being removed. How would you find kid’s tech that’s inspiring and educational, but fun enough to keep them coming back to it? We have the perfect picks.

This is about fascinating as well as unusual gadgets that might hopefully delight your kids. They are the tech toys and devices that are best for teens. We have incorporated the suggested age from the manufacturer here, but we’ve found that as long as they are supervised, teens might even really enjoy these types of gadgets as well as toys

Here are the five Best New Technologies For Teens:

  1. Anki Cozmo Robot:

This incredibly adorable, small robot is packed with character. Reminiscent of Wall-E, Cozmo hooks up to your Android or even iOS device through Wi-Fi. It can be programmed within an available step-by-step way, but additionally some simple games your teens can dive straight to. Cozmo can recognize the face, become familiar with you, and develop its own personality. If you would like to inspire your teens to modify the PlayStation off, or you are avoiding getting a household pet, Cozmo could possibly be the best.

  1. Galaxy Zega Battle Tanks :

Change your living room floor as a battlefield and go head to head with smart phone-controlled tanks. Thanks to Galaxy Zega’s design that is clever it’s fast and simple to slot a battleground together. You can use Android and iOS devices as remote settings, and the apps enable you to make points and update your tank. It is also well worth spending the extra $30 on the X-bases, simply because they operate as power-up squares or flags that spice up the game that is various. teens will enjoy the tanks, too, but they will need some guidance and smart phone to participate into the fun.

  1. SAM Labs Science Museum Inventor Kit :

The elegant simplicity of this technology kit is exciting for kids and also teens alike. You obtain a light sensor, a buzzer, a motor, and also some other odds as well as ends in the box. Begin up the software on your own computer as well as you’ll locate a interface that is simple you can move and also link together the different blocks. It’s not simple about creating series of electronics, also. You’ll also make your personal computer to play sounds and capture pictures, and also send tweets. and includes instructions that encapsulate everything from Morse code to warning device.

  1. Kano Computer Kit:

This is really a build your own a complete kit bundled with all kinds of interesting computer software to inspire your children to start development, and make music or games. There are simple illustrated guides it’s impressively accessible for them to follow, and. It’s based around a Raspberry Pi 3, however you additionally get an orange keyboard and a mouse as well as some other equipment, and a group of stencils and stickers to modify the look. The fun that is real when it’s built and they search into the challenges to inform it what direction to go.

  1. Wonder Workshop Dash Robot Wonder Pack:

This teen robot has real personality and hook up to an Android or iOS device for several kinds of play and learning. it is most readily useful for teens. At the superficial ending, it’s a remote-control-robot that lights-up and makes noises, however if you look deep, you can program schedule time into it because of the accessible Blocky drag and drop coding application. It’s also suitable for Lego, and Wonder Workshop delivers a static companion robot and a lot of other extras if you want to grow on it.

 

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Robots That Teach Each Other

 

There is new breakthrough technology that is reshaping the robotic world in terms of robots that teach each other to grasp everyday objects and learn different environments.

They are using the cloud to upload data that the robots are learning so other robots can gain the same information. Researchers are calling it the “Robo-Internet” and they feel it will reshape the robotic world as we know it today.

Most robots are programmed to be able to do one job and allowing them the ability to learn from other robots will bring to them other skill sets to be able to perform in unstructured environments such as homes and health care facilities. The robots scan and rescan everyday objects such as hairbrushes and water bottles and learn how to pick up the objects and maneuver them around. They also learn the layouts and designs of new environments that help them maneuver through without hitting objects and people.

RoboEarth

The Robo-internet is a collective database of web apps that is used for robotic knowledge base where other robots in different locations can enter to gain knowledge from other robots. RoboEarth is one example of a cloud-based platform in which robots learn about different environments from other robots.

These scientists have created a cloud-based database where robots teach each other how to learn new skills and be able to perform new jobs without ever having done it before. One robot moves around a new environment scanning the entirety of the space and uploads it to RoboEarth where another robot can ping it at any time to learn what the first robot shared.

“Million Object Challenge”

The Million Object Challenge is based on Stefanie Tellex’s research out of Brown University where she is using her robot named Baxter to learn how to pick up everyday objects and teach other robots how to be useful in everyday life. For robots to learn it takes extreme repetition so pushing their learned behavior throughout other labs that have robots learning the same concepts saves time and money.

Tellex states that there are over three hundred different “Baxter’s” around the world in different labs and they are collectively learning together to be more useful in everyday life. They share coded information online through researcher driven mathematical data that is created using the robots infrared sensors on their bodies and cameras on their arms that scan different objects to learn how to grasp them and pick them up.

Robotics today is growing by leaps and bounds because of the ability that is gained through the use of the internet and the sharing of information that is gained through its use. Robots teach each other via uploaded information to the cloud where other robots can gain the same learned data without ever doing the actual task before. This gives a great boost to researchers who can share with each other what they have learned and collectively propel their robotic knowledge into the future.

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ROBOS and Banks: The Dawning of a New Time

Will Banks Use More Robots

The use of Robo advisors is gaining prominence in mainstream banking circles. Clients have several options available to them when picking investment products. These include the go-it-alone approach where individuals are responsible for the management of their own portfolio of stocks, bonds, cash, indices, commodities etc. This option is best suited to professionals, or investors who understand the intricacies of the financial markets.

The other option is a choice between using traditional banks and investment gurus on the one hand, or the modern-day upgrades with things like discount brokerages. While there is certainly merit in all of these options, many investors are not totally sold on either option. A fusion of these investment possibilities which encompasses online advice with a self-directed brokerage is increasingly preferred by clients.

Fintech Disrupting Traditional Banking

FinTech has dramatically revolutionized the investment landscape, and banking operations are front and centre. New-age investors prefer having a say in how their money is managed, and this need has not been fully satisfied with the options listed above. Instead, clients prefer hybrid options known as Robo advisors. The concept of a Robo advisor is largely misunderstood by mainstream investors. A Robo advisor does not remove the human element from investing and portfolio management.

True to form, Robo advisors do not require clients to meet with investment gurus face-to-face. It is a convenience-based element at play, and one that makes it easier for anyone to instantly initiate trades at the click of a button. Most of the communication via Robo advisors is conducted through secure online connections and chat services such as Skype, messenger, and the like.

More Control Over Financial Portfolios

The Canadian investment scene is slowly adapting to this modern-day technology, but only the Bank of Montréal has infused Robo advisor technology as part of its investments toolkit. FinTech is leaps and bounds ahead of traditional banking. It is a major disruptive force in the financial world, and it caters to a large under-banked or unbanked sector of society. In Canada, the US and across Europe, clients are looking for easier ways to manage their financial portfolios, while still maintaining control over trades that are executed.

The conventional system of entrusting all of one’s finances to a fund manager with a bias towards certain stocks, ETFs or mutual funds is losing traction. Today, investors want to have a modicum of control over their portfolio, and they don’t want the emotional component, or the bias via the investment advisor. A Robo advisor serves this purpose well. Provided the range of financial assets available to the client is all-encompassing, a Robo advisor can pick the appropriate stocks based on client specifications. Hard data is analysed instantly, and the best investment options are provided to the client.

Robo Advisors with Canadian Banks

The do-it-yourself model cannot be ignored by banks for much longer. The explosive growth of FinTech investment paradigms has already caused multiple banks like HSBC, Barclays, Standard Chartered, Goldman Sachs and others to stand up and take notice. Banks are implementing protocols to allow Robo advisors as part of their investment toolkit. One of the leading asset management companies is BMO. What many clients don’t know, is that BMO also has a robo advisor. Through use of this modern-day technology, BMO can now offer exchange traded funds across multiple portfolios.

It is the oldest bank in Canada, and also the first to adopt new-age technologies. Clients can easily synchronize their BMO online banking summary with their investment accounts for maximum functionality. A wide range of exchange traded funds is available, and the provision of Robo advisors makes it easy to use SmartFolio accounts. Account types include RRSP, TFSA, and RESP. By allowing customers to personalize their financial portfolios, it’s akin to a Robo advisor. This is the way Canadian investors are choosing to go, and many other big banks are now taking notice.

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