Drones have made inroads in many industries, and they have been playing the role of delivery and surveillance mechanism. But can drones play a role in the banking industry as well? What are human-centered solutions in financial services can you expect from the usage of the drones?
Within the financial services sector, the drones can be used to assess the claims. Insurance is one such area where drones can be used extensively. They can be used to evaluate the property risk and damages for making a claim. For instance, take the example of USAA who is exploring drones to streamline the home insurance claim. The bank is expecting to reduce the processing costs and also the waiting time for repairs.
Inspection of roof damages manually takes a lot of time and effort. And it can be costly as well. The usage of drones has been tested after a hail storm. The drones were used in conjunction with human inspectors. Once the assessment was over the bank concluded that they were saving of almost 50% working this way.
The future is not far-off when the drones can prove their utility in other areas as well. Take, for example, Starling bank which intends to deliver the debit cards to customers by drone. The bank has already tested drones as the environmentally friendly way of providing cards to the customers.
The bank is maintaining that they are yet to make any deliveries, and they are planning more work in the area. When the decision is made for using the drones, they will be getting the required approval of the government and also the authorities.
But not every bank is convinced about the usage of drones. There is another bank that is not very comfortable with the idea. There are challenges in big cities where the risk of delivery failure is high.
The drones have a significant role to play although in improving reporting and reducing the processing time of insurance claims. The other applications lie in the delivery aspect like replacing the lost payment card. In this regard, you need to consider that the digitization of the customer experience is aimed at doing away with the physical aspect of banking. But by the time the permissions to fly drones come in will there be any ROI to justify the costs.
What Future Has In Store For Drones In Financial Services Industry?
You can expect more usage of drones in risk management. The risk management will become predictive, and the drones will have to quantify and mitigate the risk.
The re-insurers in times of climate change and the extreme weather will need drones to identify the risks beforehand. When it comes to preventive maintenance, the field worker will be conducting it. But now they will not have to work in dangerous conditions in heights and exposure to toxic gases and radiation by using a drone to perform the inspection. It will significantly reduce the fatalities, and work-related injuries will be substantially reduced.
Management of claims will also undergo an overhaul. The claims of the customer will be resolved rather quickly. It will lead to an increase in the number of claims that are processed. The insuring company will achieve a lot of cost savings due to improved efficiency. And it will generate the ROI for investing in drones.
In The End
The potential of drones in human-centered solutions in financial services will lie not just in improving reporting and reducing the time to process insurance claims, but it will also have improved delivery of cards.