Inside Shanghai’s robot bank: China opens world’s first human-free branch Cities

J.P. Morgan is taking steps to enhance its capabilities to ensure that it can accept data in all formats, leverage the data and apply its analytics skills to provide critical intelligence to clients. Corporates can then use this to improve their operational process flows and to implement the necessary new solutions required. A 2022 report from Merchant Machine found that 78% of Romania’s population still uses cash, while Peru has the highest ratio of ATMs per 100,000 adults at 127. Where cash and ATMs do and do not thrive isn’t merely a geographical quandary, but a demographic one, too. Claims that the 48% (4,735) of scheduled UK bank closures since 2015 have created fund-access risk for vulnerable customers and those who have not adopted digital banking, including the elderly.

Discover five strategies to optimize your liquidity and drive long-term success. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this presentation. The products and services described in this webpage are ordered by Banco J.P.Morgan, S.A., Institución de Banca Múltiple, J.P.Morgan Grupo Financiero and/or its affiliates, subject to applicable laws, regulations and service terms. Serving the world’s largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services. Prepare for future growth with customized loan services, succession planning and capital for business equipment.

Brent Reston, Bank of America’s chief digital executive for retail banking, noted that the primary motivation was a better user experience. Whether it is the re-issuance of cards in the event of loss or theft or when opening a new account, customers are able to instantly get a digital debit card they can use within Bank of America’s mobile app. NF Innova, a digital banking solutions provider, has created an opportunity for their customers to use augmented reality via their smartphone camera to access various details about their bank-issued credit card. The mobile banking app validates the user’s ownership of the card by recognizing it during login.

Kritz also identifies the home loan process and fraud prevent and resolution as potential areas for growth with automation. EJ Kritz, EVP for apc, identifies automation as occurring particularly within branches as well, but also in call centers. Banks are typically seen as traditional organizations; however, many are embracing automation as a way to both improve efficiency and meet customer needs. The app then presents comprehensive information, including balances, transaction history, spending locations, and more. These details are visually represented in 3D bar charts, offering insights into expenditure categories such as travel, food, or utilities.

For example, within branches, the bank aims to train its workers to provide advice in addition to working as a teller, Michael Ruttledge, chief information officer at Citizens Bank, told BAN. The flexibility of Diebold’s solutions allow UBS to upgrade the units to include advanced self-service security and mobile technologies to increase the security and convenience for UBS’ customers. Hagerman will discuss Wells Fargo’s multiyear digital transformation journey, its new AI-powered digital banking platform Vantage — which is hosted on an internal cloud — and strategies and implementation for effective cloud migration. This bot-driven digital workforce addresses specific client requirements rather than building rules in the core application, automates manual processes such as data entry and reconciliation, and uses rules learned from the operations workforce to automate processes. One key component of RPA is the use of Task Bots and IQ Bots, which address both structured and unstructured manual processes and leverage machine learning. These bots are designed to drive process automation and augment the human workforce in operations by sourcing information from multiple repositories, and making decisions based on the information.

ConnectOne Bank builds data lake in-house

Thanks to the Virtual Branch solution, our staff can now spend their time on more value-added tasks. Morgan also provided us with the necessary training to ensure the solution was implemented in a fast and seamless manner. Afton was looking for an automated solution that would allow it to manage the huge volume of documentation across its two locations in a better way, and reduce reliance on highly manual processes. Afton significantly expanded its presence in India in recent years, in tandem with the rapidly developing economy.

This AR experience, a part of the award-winning Guide to the Markets, virtually projects economic analysis onto the user’s surroundings, making it accessible from anywhere through a smartphone or tablet web browser. Users can interact with a holographic version of Dr. David Kelly, Chief Global Strategist, within their physical environment, accompanied by 3D visualizations of industry-leading charts and data tables. Those of us who may not remember telephone and elevator operators do remember travel agents. In 1990, there were almost 270,000 travel agents helping Americans buy plane and train tickets, book hotels, and organize business and leisure trips. New technology allowed people to more efficiently and effectively book it themselves.

Inside, automated teller machines help with services such as account opening, money transfer and foreign exchange. A second robot waits inside the barriers, and there is a VR room and video-link should customers want to talk to a mortal. The increased productivity can allow banks to double down on customer experience or enter new businesses, Giovine said. This creative destruction whereby new technology first creates jobs, then displaced them with future automation, has not resulted in the end of work, or even the end of quality work. Arguments persist that this time is different because the robots are more sophisticated.

J.P. Morgan Asset Management has introduced a mobile-based augmented reality experience, developed in collaboration with Coffee Labs, as an innovative way for clients to access interactive analysis on significant economic themes affecting markets and investors. Bank employees can utilize augmented reality to access real-time analytics and dashboards overlaid onto their physical surroundings. This can include data on customer preferences, account balances, market trends, or transaction volumes. Yet a funny thing happened, the jobs ATMs were designed to compete with–bank tellers–and the retail stores they were imagined to replace–bank branches–remained. In fact, there are slightly more bank branches in 2017 than there were in 2007 and 18% more than in 2000. The Summit will take place March 2-3 at the Westin Charlotte in Charlotte, N.C., and brings together U.S.-based industry experts to discuss banking automation and technology topics, including ideation in banking and automation operations.

With cloud-based infrastructure and modern data management systems, banks can quickly scale operations and leverage data to gain valuable insights that drive informed decision-making. A. Banks have been increasingly relying on automation to enhance operations and processes, reduce costs, and improve the overall experience for customers and employees. One example of this is the use of Robotic Process Automation for back and middle-office operations, which enables banks to automate repetitive tasks such as data entry, reconciliation, and reporting. Automation is also being leveraged to create new front-office capabilities such as chatbots, virtual assistants, and account onboarding to deliver better client experiences. FinTech Magazine connects the leading FinTech, Finserv, and Banking executives of the world’s largest and fastest growing brands.

• Over 210,000 jobs gone, replaced by robots named Kayak, Expedia, Priceline, and apps from every hotel and airline.
• We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.
• Morgan’s virtual branch solution, corporates now have access to an integrated and comprehensive suite of general and localized banking services through a single, innovative portal housed within the J.P.
• As business models evolve to respond to market volatility, having a refined focus on liquidity strategy has become a critical priority.
• According to figures from the International Federation of Robots, China is already the biggest shareholder of the robotic global market at a net worth of $30bn (£22bn).

Building a treasury strategy in today’s business environment can be challenging. Informed by 160 of our clients in the industry, these insights can help transform your business for the future. Ithmaar Bank, a Bahrain-based Islamic retail bank that owns and operates the largest Islamic retail banking network in the Kingdom, inaugurated a new branch in Arad. “Banks need to reconsider the persona of the next-generation banker to be an individual naturally interested in relationships while also being adept at new technologies,” Kritz said. “Despite staffing, slapping new tech on an old model won’t bring forth desired results. Banks must train employees to help them understand where the tech falls within existing customer experience practices while also perfecting branch choreography.” “Within branches, banks are looking for ways to bypass the natural shortcomings of the big core providers to streamline the most basic transactions, leaving extra room for meaningful conversation,” Kritz said in an email interview.

Volt eyes global payments network with $60M raise

Today, though, ATMs remain a critical part of banking infrastructure – despite their dwindling numbers and the neglect they receive from legacy banks striving to keep up with digital financial services. Different generations are seeking different experiences, which has presented a real challenge for banking firms who are now looking at how to ensure high-quality customer service, regardless of whether a transaction is digital or face-to-face. Consumer needs within retail banking are evolving at pace, with McKinsey reporting that in 2022 almost every bank experienced a 50% increase in digital usage. Banks now have a window of opportunity to influence customer preferences, create a renewed culture of innovation and opportunity, increase customer loyalty, and strengthen human relationships. Available on both Apple and Android mobile platforms, the NBO AR app can be easily downloaded from the Apple Store or Google Play by searching for “NBO AR,” making it highly accessible to a broad user base, including both NBO and non-NBO customers.

The next phase of RPA is expected to include the deployment of intelligent robots that allow the utilization of machine learning and artificial intelligence to replace human handling of transactions and eliminate exceptions. Morgan Access®, which means Afton employees can leverage existing user IDs, passwords and tokens to log on to the platform. The firm can also create different user-level entitlements based on specific user needs. We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

However, customers who want to make online purchases still can retrieve card details from within the app. In addition, if customers lose their phones, they won’t require a new digital card because the card information isn’t stored on the device. Which brings us back to bank tellers, who have not gone the way of travel agents. This despite substantial technological innovation, widespread adoption of on-line and mobile banking, and the successful deployment of half-a-million robots designed specifically to automate this function.

But the rise of China’s robot industry is a core part of Beijing’s economic ambitions. Beijing’s Robotics Industry Development Plan is a five-year programme that targets the production of at least 100,000 industrial robots a year by 2020, partly to reboot the country’s ailing manufacturing sector. While a recent Challenger, Gray and Christmas report stated that nearly 4,000 jobs were eliminated in May 2023 due to increasing use of AI in companies, experts believe it’s too early to say how AI will affect the job market. The bank also looks to train employees who have a computer science or data science degree but did not go into that field, he said. Instead, it resulted in Metro – which was co-founded by the US billionaire Vernon Hill in 2010 – coming under the control of another wealthy businessman, the Colombian billionaire Jaime Gilinski Bacal.

The firm’s primary focus in India is marketing and distributing petroleum and lubricant additive products, with operations in Mumbai and Hyderabad. Headquartered in the U.S., with operations around the world, Afton Chemical Corporation develops and manufactures petroleum additives including driveline, engine oils, fuels, industrials and metalworking additives. Afton is a subsidiary of NewMarket Corporation, a firm concentrating in specialty chemicals. Despite these efforts, banks are still struggling with key pain points in this automation journey.

In October, Ithmaar Bank inaugurated it new Main Branch in Seef Mall, effectively moving its Main Branch form Seef Tower to Seef Mall nearby. The new Main Branch, located near Gate No. 10, was designed with a fresh, new look and feel and advanced technologies to provide an enhanced banking experience for customers. In June last year, the Bank announced the opening of a new branch in Hamad Town, where the Hamala branch was moved to a new, better and more accessible location with more parking spaces. Ithmaar Bank’s branch network currently consists of 13 branches and 38 ATMs located in strategic locations throughout the Kingdom of Bahrain. It is the second full-service, digitally-focused branch to be inaugurated by Ithmaar Bank in the past two months, and underscores the Bank’s ongoing commitment to enhancing its Islamic banking offering and growing closer to its customers.

Client Service

Bank transactions are increasingly conducted on mobile devices, and mixed reality can be employed to encourage and enhance this trend. Westpac Banking Corporation is among those investing in a system that uses relevant banking cards and transaction ChatGPT App history to overlay information on the real world environment using their mobile app. As guardian of the bank, she talks to customers, takes bank cards and checks accounts (she comes complete with a PIN pad) and can answer basic questions.

Tiffani Montez, senior analyst at Aite Group, argues that digital card issuance is one of three enablers for contactless card adoption, along with changing consumer behavior and technology. With Bank of America adding digital, tokenized cards within the mobile banking app, it helps transition more customers to digital banking channels. Banks that choose to instantly issue in-app digital cards also can benefit from cost containment and security advantages, she noted. An interesting change in consumer banking as a result of the IoT is that traffic to bank branches has and will decrease significantly, shifting customer acquisition strategies and reinforcing the digital 24/7 connection between consumer and bank. A steady stream of data means visibility, analysis, automation, and new financial products designed to improve the consumer experience or satisfy needs. Bank of Oman has introduced a cutting-edge banking innovation in the form of an augmented reality mobile app called “NBO AR.” This application represents the bank’s latest venture into leveraging technology to enhance the banking experience for its customers.

While mobile and online channels have gained widespread acceptance, customers still seek personal engagement and targeted guidance for complex banking needs like mortgage or dispute resolution. Banks can use extended reality to enhance the ChatGPT in-branch experience for customers. By pointing their mobile devices at specific elements in the branch, customers can access information such as current interest rates, loan options, or account details in a visually engaging manner.

In Shenzhen, Shanghai and Beijing, local authorities have been using facial recognition to target jaywalkers. Those caught crossing the road illegally have their photos taken, and after being identified can be publicly named and shamed on large screens by the roadside – and even sent fines automatically via instant messaging. “In AI and robotics, China clearly is interested in emerging as a global leader,” says Professor Yu Zhou at the department of earth science and geography at Vassar College. Working wages have been increasing and there have been shortages of low-level labour. Robot waiters have been a fad for a number of years, with restaurants keen to draw customers with novel experiences, as well as saving on staff costs.

This is especially true in developing markets and low-income regions, where ATMs continue to play an important role in reaching the underbanked, providing an accessible link from cash to checking accounts. BPC Banking Technologies’ Director of Business Development, Michalis Michaelides, notes that “cash remains an important tool for consumers” in these underserved areas. With the onset of AI tools for the general masses, automation is now common knowledge. Every industry is grappling with how to utilize AI effectively, while avoiding potential legal and ethical pitfalls. The banking industry is no exception, as many either have already or are currently working on deploying automation tools, such as chatbots, virtual assistants and more. As consumer demand continues to shift, banking executives are asking themselves how they can get the balance between automation and connectivity just right, with the right blend of human and digital features.

This, therefore, suggests ATMs still play a significant role for some in developed markets. Paymentology’s data backs this claim, with the number of ATMs in Europe falling by over 10% since 2016. Meanwhile, analysis from global consultancy partnership Kearney predicted that 25% of European bank branches would close across Europe from 2020 to 2023, as consumers’ digital banking habits became more permanent. Recent data from Deloitte showed that, while 47% of customers are embracing the digital experience, these individuals still want to receive their financial advice either in branch or in a call centre.

To accommodate this, banks require training that improves digital interactions and relationship development, in addition to supporting the delivery of expert financial advice. Effective training allows banks to create a consistent and powerful experience across in-person and digital environments and deliver excellent customer service. Once installed on a mobile device, the app utilizes location and camera access to provide a seamless and interactive experience. As users move their mobile devices, the app utilizes augmented reality technology to furnish them with valuable information.

The application showcases an animated visual representation of the user’s expenditures from the past three months. Imagine a world where banking is no longer confined to physical branches or even your smartphone screen. Enter the realm of augmented reality banking, where financial institutions are leveraging this cutting-edge technology to revolutionize customer experiences, enhance security, and deliver personalized services. However, banks can leverage new technologies such as machine learning and artificial intelligence to provide higher-value and personalized sales and advisory services. By analyzing vast amounts of data with automation, these technologies can help banks identify patterns, predict outcomes and provide customers with customized recommendations that meet their unique needs. Convergence of the traditional (e.g., branch channel and call centers) and digital channels (online, mobile), will provide the best integrated channel experience and engagement.

How BofA solved the industry’s in-branch card issuance problem

Over 210,000 jobs gone, replaced by robots named Kayak, Expedia, Priceline, and apps from every hotel and airline. Despite fewer physical branches and fewer bodies, Reuter characterized banking as a “diverse and highly competitive industry that helps to propel the U.S. economy every day.” To be sure, the banking industry has been shrinking for years as smaller and midsize banks are acquired by larger institutions. Big banks have continued grow over the last two decades, shrugging off the effects of the 2008 financial crisis after being bailed out by taxpayers.

“In the call center, it’s all about attempting to help the customers through the automated cue while moving others to live agents as quickly and painlessly as possible.” To gain insights into these questions, ATM Marketplace spoke with Sanghost Bhalla, assistant VP and senior consulting principal for banking and financial services at Cognizant. Morgan Asset Management’s pioneering use of augmented reality to engage and educate clients and financial professionals, enhancing their understanding of complex economic and market topics. Augmented reality in banking for data visualization typically involves overlaying digital information, graphics, or visualizations onto the physical environment viewed through a mobile device, tablet, smart glasses, or any AR-enabled device. Meanwhile, customers in the Hangzhou branch of KFC can pay for orders using only their faces, and retailers including Tencent have been experimenting with cashier-less stores. The chief executive of Chinese e-commerce giant JD.com recently predicted that robots will eventually replace human workers in the retail industry, with China’s unmanned retail sector expected to triple in size to 65bn yuan (£7.5bn) by 2020, according to iResearch.

However, when looking at automation in general, banks need to remember customers still want the human touch, especially when it comes to having contact with knowledgeable bankers. User experience is valuable to customers, but biometric authentications at ATMs can also play a significant role in fraud prevention and anti-money laundering (AML), making cash transactions safer. This could instil greater confidence in the safety standards of cash as a means of payment, particularly after the Annual Fraud Report from UK Finance reported £1.2bn (US$1.5bn) was lost to fraud throughout 2022 in the UK alone. The decline of legacy banking infrastructures is not merely a European constraint either, with Euromonitor International noting a fall in the total number of ATMs in the US from a high of 470,000 in 2019 to an estimated 456,000 in 2021. This is further compounded by a rise in ATM servicing costs caused by reduced demand for cash globally, something which has prompted banks to reconsider their ATM footprints.

Kritz said that while banks are automating, they should also reinvent hiring protocols to bring on bankers who can address customer’s needs, especially in regards to financial advice. Kritz, on the other hand, said the top factor holding back banks in this regard are large core operating providers, which he believes holds back innovation. Banks are typically seen as traditional organizations; however, many are embracing automation to improve efficiency and meet customer needs. That being said, there are still barriers to a full embrace of the technology. The rise of the robots also ties in with heavy public and private investment in facial recognition and AI.

However, banks also have to deal with questions of how automation can impact their brand image and the customer experience. You can foun additiona information about ai customer service and artificial intelligence and NLP. For customers managing investment portfolios, augmented reality can provide an interactive and visual way to view their portfolio performance. By pointing their device at a printed or digital statement, they can see their investments, gains, losses, and trends in an intuitive and graphical manner. Through this process, account management becomes more accessible, and customer experience is enriched with up-to-date financial information presented in an immersive manner within the app.

It is true that technology’s logarithmic growth and the sustainability of Moore’s Law has allowed for robots to move from the more simple to the more complex. Virtual branches not only eliminate the need to be physically present, they also enable corporates to initiate bank branch automation and approve payments online, gain complete visibility in all eTax payment transactions with detailed audit trails and improve efficiencies. Straight-through processing improves turnaround time and token identification provides an additional level of security.