First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.
The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.
Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.
The rapid pace of technological change will force financial services companies to invest in more efficient digital offerings for clients, eliminate jobs and retrain staff to focus on higher-value work, according to an Accenture report.
Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo said in a report.
