CU Employee CULytics Founder

Recently I came across this interesting article on Augmented and Virtual Reality on the financial brand.

The article talks about how even with digital banking, there are members who find value in face-2-face interactions at the branches. These interactions have a potential to change in the near future with augmented and virtual reality where members would be able to talk face-2-face with their CU reps over their mobile phone or their personal computer. Bank of America is already experimenting with small un-staffed mini branches where the customers can talk to reps via teleconference. Recently I heard about how Cisco has a medical facilities where doctors are able to talk to patients via tele-presence. It is going to be just a matter of time, where this will become a standard.

Also, there are already chatbots that can help with simple transactions. However this is likely to change very soon as these bots become more sophisticated and create newer engagements with members using AI and ML. These bots are expected to be a lot more smarter and consistent than the frontline staff at current branches.

What do you think? How long will it be, before AI and VR will replace the branches of today? Do you see this happening in next 2 years, 2-5 years or more?

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Replies

  • CU Employee CULytics Founder

    Totally agree with you Rob. I have not visited physical location of my primary financial institution, even though I have been with them for more than 10 years.

  • CU Employee

    At the analytics summit this past spring, I met another data miner that did some statistics on branch usage. He found that the percentage of members that actually step foot into a branch is lower than many would think, and that statistically, most of the walk-in members are Baby Boomers and older. As our membership ages, I believe that the institutions that don't invest in people and technologies that enable AI will fall by the wayside. Whether the ultimate interactions happens via chatbot, UI, a VR branch, or some other tech we can not foresee, the physical branch is the last icon of the last century's banking paradigm.

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