Banks brace for next big thing: the return of the human being
Just as automation transformed manufacturing in the 20th century, big data and artificial intelligence will change financial services
But, of course, this is not an entirely good thing. As more processes become automated and more interactions driven by computer algorithms, human beings will disappear from the banking environment. Customers will feel increasingly alienated, and will eventually see little difference between traditional big banks and new virtual banks that exist only online. For this reason, some banks are preparing for the next big thing in financial services: the return of the human being. "It's already a big challenge," says Lyndon Subroyen, global head of digital at Investec. "How does a bank become human? How do you maintain humanity in an age when everyone is trying to dehumanise experience?" A South African bank that seems to get it right despite rapid growth, low fees and a large customer base is Capitec. Subroyen praises this "challenger brand" for showing empathy with customers, for example, by opening on Sundays for those unable to get to a bank during working hours. At the other end of th...
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