First Bank has taken a significant step in the digital transformation of banking by launching the industry’s first Humanoid Robot at its Digital Experience Centre in Adetokunbo Ademola VI, Lagos. The robot is equipped with Video Banking and Artificial Intelligence (AI), and it aims to play the role of a friendly branch staff, catering to customer needs and queries.
According to Dr. Adesola Adeduntan, the CEO of FirstBank Group, the introduction of the Humanoid Robot aligns with the bank’s commitment to innovation and represents a purposeful stride towards transforming the banking landscape in the country. The robot is part of the bank’s digitally-led self-service branch, reinforcing the institution’s slogan of putting “You First.”
The truth is, this humanoid robot won’t really enhance the customer experience or effectively meet customer needs and concerns. While the robot is capable of handling tasks such as responding to customer inquiries on cash deposits, withdrawals, and ATM card-related issues, these tasks could easily be performed by an ordinary AI chatbot without the need for customers to physically visit the bank.
Additionally, robots have limitations when it comes to human connection and understanding, especially in dealing with sensitive issues like financial transactions. It raises the question of whether the humanoid robot can truly replace the empathy and understanding provided by human bank staff in such situations.
Keeping customers well-informed about its services without relying on a humanoid robot
While the bank asserts that the Humanoid Robot provides customers with updates on the bank’s activities, such as product launches and enhancements aimed at improving customer satisfaction, it would be more beneficial if the institution focused on improving its website or establishing a Telegram channel for better communication.
- Updated Website: First Bank could enhance its website by implementing features such as a comprehensive FAQ section, live chat support, and a customer portal where users can access their account information, view transaction history, and make inquiries. They could also regularly update the website with relevant news, announcements, and product information.
- Interactive Online Banking Platform: First Bank could develop an intuitive online banking platform that allows customers to perform various transactions and manage their accounts easily. This could include features like fund transfers, bill payments, loan applications, and account balance checks.
- Personalised Notifications: By implementing a notification system on their website or through a mobile app, First Bank could send personalised alerts to customers regarding important updates, such as new product offerings, promotional offers, or changes in banking policies. This would ensure that customers stay informed without relying on a humanoid robot.
- Dedicated Customer Support on Telegram: Setting up a Telegram channel specifically for customer support would provide a convenient and efficient communication channel. Customers could seek assistance, ask questions, and receive prompt responses from the bank’s support team in real time.
Financial institutions like First Bank must prioritise thorough market research and analysis before implementing new solutions. Understanding customers’ pain points and needs should guide technological innovation in the banking sector.
Conclusion
As the banking industry continues its digital evolution, striking a balance between embracing innovative solutions and meeting real customer needs remains crucial. First Bank’s humanoid robot may be a pioneering step towards enhancing the banking experience, but its long-term success will ultimately be determined by its ability to serve customers efficiently and effectively while complementing human staff rather than replacing them.
