Deploying bots in finance – a storage nightmare?

A building connected to various data hubs

Posted on Friday, May 5, 2017

Speaking at the Milken Institute Global Conference in Beverly Hills, banking giant Credit Suisse AG announced that they had successfully deployed 20 robots within the organization. Although these robots are being used in a range of functions, the Milken presentation focused on how they are answering basic financial compliance questions.

Using an Amazon-Alexa like voice system, Credit Suisse are able to handle incoming customer calls, and to answer queries from customers. The system has proven so successful that the bank has reduced incoming calls by 50%, and to make some cuts to call center headcount, freeing funds for investment in a larger development team.

In the case of Credit Suisse, these new systems are already proving their value to customers and the business alike.

A promising start for voice

Voice-based systems are nothing new, but the application of intelligence is still a fledgling technology. The overheads of processing natural language has were simply too great in the past.

It is important to note that in the current Credit Suisse deployment, voice is being used to handle “basic questions”. More complex questions still need to be addressed by a human operator.

An early warning for CTOs

If current trends continue, financial firms will need to enhance the functionality of these systems so that difficult questions can be answered by robots. We should also expect to see voice systems leveraging other customer data more effectively too, making product recommendations based on purchasing history for instance.

This kind of functionality is great for customers, but it creates even more data that the CTO must be able to retain. As well as retaining history of customer accounts and interactions, the voice platform will also need to retain and analyze recordings to improve its own accuracy and capabilities.

So where the finance sector may believe it has escaped the vast storage demands of IoT, they may instead encounter similar issues on a different front. Which means re-evaluating the corporate data storage strategy now, before deploying voice-activated robots.

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