Humanoid Robots for Self-Service Banking infiltrates Nigerian Banks: Will it Affect Crypto Adoption?

Self-Service Banking is a thing in Nigeria

In a bid to strengthen digital transformation in the Nigerian economy, First Bank of Nigeria Limited has unveiled a fully Automated Self Service Branch and launch of the industry's first Humanoid Robot in its First Bank Digital Experience Centre (DXC). This would be another premier service delivery in the banking sector by Nigeria’s premier and leading financial inclusion services organisation.

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The first Humanoid Robot is located at Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) Branch. The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff. The operations at DXC would allow customers to carry out various activities on their own without interacting with anyone. According to the bank would foster privacy while also exposing the bank users to a seamless world-class banking experience as necessitated by this AI laded generation.

According to First Bank update, the DXC in addition to humanoid robots, would be equipped with Video Banking and Artificial Intelligence (AI) (which takes the role of friendly branch staff), Teller Cash Recyclers (TCRs); Fast Track (Contactless) ATMs; Self-Service kiosks for non-financial transactions such as account update; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection.

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Customers would also be able to access services such as paperless/electronic complaints, funds transfer, dispensing of account statements and account enquiry/management, email and phone number update, card services and management, dispensing of new ATM cards; fixed deposit booking between NGN 100,000.00 to NGN5,000,000.00, cheque management, ATM card and token block, amongst many other services.

Humanoid Robots in Banks - A threat to Employment

After a successful deployment of a Humanoid Robot in Ibadan branch of the second Digital Experience Centre, there are concerns with unemployment which would be an added burden in the already troubling Nigerian economy. The second branch sited at the University of Ibadan gives students, lecturers and customers all over the neighborhood will benefit significantly from making use of the facility, as well as would open it up for possible research activities. With two successful attempts, First Bank is setting a pace and other banks would follow suit.

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First Bank of Nigeria through its Managing Director and Chief Executive Officer Mr Adesola Adeduntan also added that the new technology and digital service experience introduced into the banking system of the bank will help curb forgery, fraud and other forms of vices that plague the banking sector. However, he did not mention if the new development would reduce the cost of banking. On daily basis, charges on customers are growing without justifiable reasons.

According to Statista, the number of bank employees in Nigeria from the 2nd quarter of 2019 to the 4th quarter of 2020 has been on the decline. The Covid-19 pandemic led to many branches of banks being closed down and many employees were forcefully made unemployed. There is a high threat to more banking jobs that would be available to the young graduate with robots beginning to find its way favourably into the banks, displacing human staff.

This is coming at a time that Nigeria is leading the unemployment ranking in Africa with 33 per cent followed by South Africa 32%. The supposed giant of Africa with geometrically growing population is have a hard pressure on its economy. Many in the skilled class are finding it easy to travel out of the country to other countries for job and good living.

Will Cryptocurrency be the Hope of the Common man?

These advances as are being adopted into the banking sector would definitely make life harder for the common man who is not updated and schooled on the new way to relate with money via cryptocurrency. It was justifiable to bank with centralized systems in that charges and costs were used to give back as salaries to other humans who happen to be friends and relatives. With Robots taking over the job.

While other financial institutions in other countries are pushing for crypto adoption, Nigerians have been strangled with ill fated regulations against cryptocurrency while the economy is daily worsening. It's time crypto education take a harder phase to help the masses evade from the hard times that are upon us in Africa. Thanks that one can onboard the Hive blockchain via LeoVerse in a matter of 30 secodns where they can start earning cryptocurrencies.

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