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.
Employees at first feared the process might eventually lead to the elimination of their jobs. Ultimately, however, the bots let employees focus on more important tasks, the bank says.
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.
Some banks are setting up their own parallel digital banks, while others form innovation labs. Roman Regelman says BNY Mellon is transforming the entire institution.
Banks and credit unions “push back” against an FCC proposal to limit calls; Miami gets the next assistant the bank says is not intended to replace humans.
JPMorgan Chase said it wants to improve training for technology-related jobs and help community college programs. The five-year initiative is one of several the company has announced in recent years in the name of community development.
At 4 feet tall and with a child's voice, Pepper won't replace tellers, but it can help bank customers interested in applying for a credit card or having issues with an ATM.
