Credit Suisse employees are using robots equipped with Amazon Alexa-like voice technology to help them answer basic compliance questions, according to the bank's global markets chief executive, Brian Chin.
The Swiss bank has deployed 20 robots in a bid to reduce the number of calls into the bank's compliance centre. Chin, who was speaking at the Milken Institute, Global Conference in California said it could reduce the number of calls by 50 per cent.
Although Chin labelled the systems as ‘robots', he didn't reveal whether they actually had a physical presence or how employees interacted with them.
"You ask it questions and it spits out the appropriate regulation, rather than going to a manual or a website," Chin said. "It's been really good for simple questions," he added.
Credit Suisse has been able to make some cuts to office staff as a result of the technology, according to Chin, although headcount has remained similar because the bank has hired a large number of programmers.
Last year, US bank Capital One teamed up with Amazon to put the Capital One ‘skill' app on the Amazon Echo. It meant that Capital One customers who had the Echo or Echo Dot could access their bank accounts using their voice.
Earlier this year, FinTech startup and digital-banking technology provider D3 Baking unveiled a banking interface that could use Amazon's Alexa.
The voice interface, it said, would enable banking customers to check account balances, move money, listen to messages and manage financial goals using voice commands, via Amazon Alexa.
As well as voice navigation, the interface API would enable financial institutions to collect and analyse data from these voice interactions to personalise responses and tailor their marketing efforts.
However, such voice recognition technology, especially when married to banking apps, also entails a security risk. Researchers claim that they are not far off from being able to offer software that can accurately mimick people's voices - rendering voice recognition as a form of authentication obsolete.
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