Will Finance Sector Revolutionize with Automation and Chatbots?

Banking CIO Outlook | Friday, November 30, 2018

Excitement surrounds every technological advancement but with it comes along the pleas for legislation and restrictions. Artificial Intelligence is revolutionizing the finance industry from chatbots to predictive analytics, and AI can help your organization to cope up with the market competition and can support both employees and customers in the banking sector.

AI and Automation aiding finance teams

Automation has been a great help for the financial institutions as it has reduced the pressure on human employees and is believed that it is helping the organization to achieve ROI (Return On Investment) within six months. Moreover, AI is providing an in-depth analysis of the employees who assist in supporting finance teams with difficult decisions. AI and Automation together can help in finding out errors thereby reducing the time wasted on discovery and resolution.

AI and Chatbots helping Customers

Chatbots promises to be a cheaper, better and cost-effective as compared to their human alternative; they are the natural evolution. Although they are designed to answers simple and FAQ questions, they can assist finance customers by providing a quick service at any time. Some AI chatbots are not only supporting customers but aiding them in managing their money.

AI risks and limitations

We can't deny the fact that artificial intelligence is of great help to the organizations, but it brings along certain restrictions as well.

With the introduction and dependence on AI, human employees are experiencing automation anxiety. Due to this, they feel that they will lose their job to these AI and robots. It will further lead to an adverse environment thereby bringing the employee's morale down. Therefore, even if an organization is opting for automation, they need to reinforce it slowly and help the employees understand that it would not affect their jobs.

The use of Chatbots can lead to a feeling that there is no human touch and can be upsetting for customers who are concerned about their finances, as they cannot provide the reassurance and advice the way a human provides. Therefore, humans must be a part of any conversation by the chatbots to escalate the chat whenever required.

Chose the right AI for you

There are numerous flavors that AI can provide in a finance sector; therefore, an organization must opt for the AI which is best suited for their enterprise.

We are all aware of the hype around Artificial Intelligence and its application in almost all the industries. But now, the time has come when AI is coming forward to provide a better financial life for the customers and a better working environment for the employees.

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