HSBC rolls out SoftBank’s robot Pepper to achieve ‘Branch of the Future’

HSBC and SoftBank Robotics America are working together to roll out robotics in retail banking.

Humanoid robot Pepper, developed by SoftBank, has been launched in a Miami branch of HSBC, marking the first time the bot has been used in retail banking in the state of Florida.

HSBC has already used Pepper in the US, and was the first bank in the country to use the robot. It started in HSBC’s flagship Manhattan branch and has since spread across the country, with Miami marking an important milestone in the rollout.

Pepper works to improve customer engagement by educating customers on product information and making self service available. The bot uses AI to ask relevant questions in order to determine customers’ needs.

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In a release, the companies stated HSBC has seen an overall increase in new business as a result of more than 25,000 customer interactions with Pepper.

Pablo Sanchez, Head of Retail Banking and Wealth Management for HSBC in the US and Canada, said: “Miami’s tech scene is experiencing positive growth and we see a lot of opportunity for disruption in the region.

“Our customers in South Florida will have a chance to experience an entirely new way of banking thanks to Pepper. It’s an exciting next step for us as we continue to expand the number of branches that have these capabilities.”

Jeremy Balkin, Head of Innovation at HSBC, added: “The digital banking experience is transforming as quickly as the smartphone revolution took off. Pepper’s rollout is part of our larger vision to transform HSBC’s branch banking experience into the ‘Branch of the Future’, by providing a host of consumer-facing upgrades that will take the franchise in an exciting new direction.

“By creating these revolutionary new types of digitally enhanced retail banking experiences that use data intelligence and leading edge robotics, HSBC is transforming the everyday task of a branch visit into a memorable and extraordinary experience.”