The installation of HDFC Bank’s humanoid is part of an artificial intelligence program that was launched last year. By doing so, the bank is hoping to improve their customer service as well as its marketing aspects.
In a report from the Business Standard, more humanoids will be inserted into banks in India after determining the response from customers, according to Nitin Chugh, HDFC’s head for digital banking.
Who knows what impact HDFC Bank’s humanoid will produce, but it could potentially pave the way for how other banks operate in the future with their own robots in place of humans.
After all, it comes down to whether a customer wants a robot helping them with their banking needs or an actual person.
Featured image of stock humanoid robot from Shutterstock.
According to the bank around 71 percent of its customers had moved to digital banking by the end of March last year indicating that digital banking could eventually be the way forward for the nation.
India’s leading private lender HDFC Bank is using robots in its branches to improve its customer service, making it the first to use ‘humanoids’ in India’s banking sector.
However, it is early days for this and we have not come across mature models in India. We are also interested in network blockchain, where multiple banks come together for this technology.
Whether or not the use of robots will be further implemented into more banks remains to be seen.
More Indian banks are now turning their attention toward the use of AI and blockchain to perform banking tasks and improve customer service.
Chugh states that the bank is evaluating different use cases in the blockchain including document management, KYC (know-your-customer) and transaction processing.
India’s Axis Bank recently announced that it will soon be introducing blockchain solutions to operate cross-border remittance using Ripple’s blockchain.
At the end of the day, though, technology is moving at a fast pace and if countries fail to keep up with the changing times, they risk being left behind.
ICIC Bank in India is also exploring the bank’s digital capabilities. Last year it revealed that it has created a digital division to harness blockchain technology while stating that the bank is continually looking at the development of blockchain applications to improve the services it offers to its customers.
YES Bank, a prominent private sector bank in India, is also looking at the introduction of blockchain to digitize and automate vendor financing solutions.
Japanese Billionaire: ICOs 'Democratize Venture Financing'
A Japanese billionaire and venture capitalist said this week that he believes initial coin offerings (ICOs) will become a significant source of funding for startups in the future.
Speaking with CNB
China Should Issue State-Backed Digital Currency ‘As Soon as Possible’: PBoC Researcher
A prominent Chinese researcher has urged the People’s Bank of China (PBoC)–the country’s central bank–to adopt a state-backed digital currency “as soon as possible.”
Huang Zhen, a researcher at Cen
Why China’s Crackdown on Bitcoin is Good for the Industry
Over the past week, many traders, analysts, and investors in the finance and cryptocurrency sectors have reacted to the crackdown on bitcoin by the Chinese government positively.
Investors such as
Ray Dalio Confirms Bitcoin is in a Bubble yet it may Become a Currency
A lot of self-professed financial experts do not like Bitcoin. That is not surprising, as promoting cryptocurrency would go against their own interests. Ray Dalio is the latest person to call
Ethereum, Bitcoin Prices Dip in Minor Market Pullback
The crypto market recovery stalled on Wednesday with the vast majority of coins posting minor pullbacks. The ethereum and bitcoin prices were at the head of the retreat, leaving neither able to hold a
Wall Street Journal Argues Bitcoin Is “Probably worth Zero”, Joins Obituary List
One of the Wall Street Journal’s most read articles of the day implies that bitcoin’s volatility reveals that the cryptocurrency is “probably worth zero.” The author of the piece starts by stating tha
Bitcoin Price Watch; Here’s What We’re Looking At Tonight
Wednesday has been a bit of a strange day in the bitcoin space so far. We are about to call time on the European session and the bitcoin price has spent the last hour or so in a phase of what looks
China's IT Ministry Backs New Blockchain Research Lab
Regardless of its recent crackdown on bitcoin exchanges and initial coin offerings (ICOs), China's government still appears committed to the potential of blockchain in other areas.
According to a r