Humanoids and the Future of Commercial Banking
OVERVIEW Commercial banking is evolving, and humanoid robots are playing a significant part. It is projected that by 2030, robots could replace up to 200,000 US jobs in banking and other fields, representing an unprecedented shift in the workforce. Yet, embracing this change may bring immense benefits; robots have been shown to improve efficiency in customer service, reduce errors, and streamline operations. This guide discusses the future role of humanoid robots in commercial banking, with key statistical insights.
THE SHIFT TOWARDS HUMANOID ROBOTS IN COMMERCIAL BANKING By 2034, the global humanoid robot market size is expected to reach a staggering $3.9B USD, a clear testament to the growing acceptance of these machines in various industries, including banking. Humanoid robots represent innovation's cutting edge, offering a unique blend of efficient processing with human-like interaction. Deployments in major banks worldwide suggest a shift towards an automated future, with robots replacing up to 200,000 US jobs in the next decade. While these numbers may seem alarming, the change comes with considerable advantages.
THE BENEFITS OF HUMANOID ROBOTS IN BANKING Humanoid robots can significantly impact efficiency, with a global survey indicating up to a 22% increase in efficiency when integrating automation into operations. Additionally, the potential for human error is greatly reduced as robots can perform tasks with unparalleled accuracy. This shift to automation can eliminate the hefty annual costs banks incur due to human mistakes, with studies suggesting $21B USD is wasted every year due to such errors. Furthermore, humanoid robots can function continually throughout the year without holidays, sick days, or breaks, offering a level of consistency and reliability that humans cannot match.
THE ROLE OF AI AND MACHINE LEARNING TECHNOLOGIES Artificial Intelligence (AI) and Machine Learning (ML) are quintessential elements for humanoid robots. Notably, it's projected that by 2035, AI could double annual economic growth rates in developed economies, with the automation of labor causing the most significant leap. AI and ML enable humanoid robots to learn from experiences, adapt to new inputs, and perform human-like tasks. The interaction between customers and humanoid robots can be personalized, carrying the potential to enhance customer service at banks substantially.
CUSTOMER EXPERIENCE AND HUMANOID ROBOTS Investing in robotics and AI could bring about substantial changes in customer experience. Improved accuracy, efficiency, and personalized interactions make humanoid robots an attractive channel for customer interaction. For instance, humanoid robots deployed in Tokyo’s Mitsubishi UFJ Bank generated a sharp increase in customer satisfaction by 16%. These trends underline the importance of embracing robotic solutions for sustained success in the banking sector.
KEY TAKEAWAYS - Humanoid robots, fuelled by AI and ML technologies, are reshaping the commercial banking landscape. - By 2030, robots could replace up to 200,000 US jobs in banking, highlighting the shift towards automation. - Robots offer several benefits, such as improved efficiency and potentially saving billions annually by reducing human errors in the banking sector. - AI and ML enable humanoid robots to provide personalized, superior customer services effectively. - Investments in humanoid robots can significantly enhance customer satisfaction.
3LAWS ROBOTICS SUPPORTS THIS FUTURE 3Laws Robotics is at the forefront of transforming commercial banking and beyond through its technologically advanced software. A significant part of 3Laws' mission is to ease the certification path, often a challenge for robotics systems. The company's software, the 3Laws Supervisor, leverages Control Barrier Functions (CBFs) to ensure mathematically provable safety. This software is instrumental in various applications, as evidenced by the 40% efficiency gain realized by a warehouse automation customer, resulting in a six-month payback period. By providing real-time guardrails for autonomy stacks, 3Laws allows robots to operate closer to their peak capabilities while maintaining safety. 3Laws is emerging as a next-generation safety solution, delivering proactive safety measures that unlock the full potential of robotics. The software is adaptable; it works with an extensive range of platforms and can be certified for ISO 3691-4 and ISO 26262, making it a cutting-edge, comprehensive solution poised to drive the future of humanoid robots in commercial banking.