While instant banking has carved a comfortable space for the urban user, the next game changer with higher speed, reduced cost, expanded skill set, increased productivity, 24*7 services and improved customer experience would be robotic technology making a mark in the banking sector in the coming decades. This research paper helps in understanding the scope of roles & services provided by robots in the future of banking. Within banking, where data drives decision-making, reporting and customer communication, robots are altering the way business is getting done. Based on a combination of large scale data repositories & cognitive computing robots can be used to give financial advice, avoid debts, prevent fraud by detecting irregular financial transactions.While robotics technology promises to transform the financial services industry, the paper also looks into the challenges it presents. This paper pays a special reference in examining the role of robots as consultants in banks and identifying the impact of automated lockers using robotic arms such as the one used by ICICI Smart Vault in India. Study aims to clarify some of the aspects related to the usage of Robotic arm technology as deployed by ICICI Bank in their Smart Vault service recently.