3 Amazing Ways AI is Reshaping Banking Services

Banking CIO Outlook | Monday, July 29, 2019

As more sophisticated AI systems are advancing, more banks are adopting it in a bid to compete and offer customers the best service delivery possible. 

FREMONT, CA: Artificial Intelligence (AI) is gaining popularity all around the world. Several industries have already adopted AI for various applications, and are growing smarter. In the last few years, the banking sector has also become one of the leading adopters of AI. Most banks are implementing AI to add more efficiency to their back-office and lessen security risks. Read on to know more about how AI can intensify banking services.

• Better Customer Support

Today's customers prefer self-service options, which allow them to chat with a virtual assistant that is like a live customer representative. Leading banks have already added these virtual assistants to their website, voice response systems, and mobile applications. AI considers each customer interaction as a learning point, and the chatbots keep getting better at understanding customers. It also allows sentiment analysis so that they can determine when customers are getting frustrated and instantly transfer them to live agents.

• Enhanced Banking Services

AI streamlines the whole banking process while giving customer service a new level of comfortability. With comprehensive digital support, it allows banks to meet rising customer expectations. From cash transfer, card management, bill payment, and other supports, AI can significantly enrich the satisfaction level. All of these operations can be easily managed through desktops, smartphones, and other mobile devices.

• Advanced-Data Analytics

AI can rapidly complete the tedious tasks through automation, ultimately resulting in enhanced productivity. Based on the machine learning algorithm, AI can quickly consume and process a vast amount of data. The enormous speed with which it analyzes data can bring efficiency to banking services and is providing an opportunity for personalized offerings for consumers. With such benefits, it is evident that the majority of banking institutions will adopt AI to stay competitive and deliver better customer support.

Through the application of AI, providers of bankers are enabled to efficiently extend their services while also saving resources, including time, money, and human effort.   

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