Meral Ahu Ozcan Karageyim, an Academic Associate at ICD Business School, delves into the transformative potential of AI-based social robots, particularly robo-advisors, within the financial industry, addressing the challenges they face and proposing innovative strategies to enhance their adoption.
As technologies continue to develop, social robots are becoming increasingly popular in various industries, including retail, health, banking, tourism, services, entertainment, communications and media. Service robots are system-based, autonomous and adaptable interfaces that interact, communicate and deliver services to customers, employees and/or other (service) robots. Many people already interact with social robots at home (Siri, Alexa) or in working environments. Social or humanoid robots interact, engage and co-create value with customers in service. AI-based social robots are transforming service industries in one way or another. As these robots are also becoming more common in the financial services industry, let’s take a look at their transformative power and the challenges involved in their adoption.
Currently, social robots are becoming increasingly advanced owing to the latest technological developments. In addition to their mechanical skills, they use impressive analytic, intuitive and social skills for better service. Therefore, it may be useful for financial service providers to use these social robots, chatbots and robo-advisors because they offer productivity and efficiency, and may enhance customer experience. So, the big question seems to be, “How are these remarkable developments of AI-based social robots perceived by customers?”
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