The future is now.
No longer belonging to the realm of science fiction, artificial intelligence has become science fact. Machine-learning technology has grown more sophisticated with every passing year.
From thinking machines that can defeat world chess champions at their own game to social media algorithms that cater to our every interest, the next phase of AI innovation is upon us. It will continue to change the way we live and work in a variety of ways.
Banking has been no exception to these innovations.
Current trends in digitization have led to expanded AI use in financial services over the last decade. These needs have only increased thanks to pandemic restrictions, which prompted less face-to-face customer service.
With more tech-savvy Millennials turning more and more toward online banking and relying less and less on cash every day, AI has proven itself an important tool for handling this increased use of online services.
With this increase in services comes an increase in digital security. Due to state-of-the-art security features like AI-backed biometrics and advanced fraud detection, financial data and other monetary transactions have never been more secure!
Even beyond that, by studying past threats and suspicious data patterns, AI security systems can determine weaknesses in a bank’s network, as well as analyze trends that suggest where new threats may arise.
Security may be at the top of the list when it comes to reinforcing trust between banks and their clients, but it’s only one aspect of developing a more meaningful relationship between bank and customer in this brave new digitized world. Quality customer service is equally important, if not moreso.
As luck would have it, AI can help with that, too!
Want quick and helpful answers to your most urgent financial questions? One of the most versatile customer service apps is the AI-based Chatbot, which provides just this kind of real-time support through instant messaging — the days of waiting for the next available rep are over!
In fact, research has shown that a significant number of consumers don’t care who (or what) helps them, as long as their questions are answered and their problems are solved.
Adaptive AI can intuitively understand clients’ needs the more they interact with them. This can lead to a smoother, more personalized customer experience. Thanks to this streamlined process, banks can often cut customer service costs by a wide margin.
Robo-advisers that use predictive analytics are an extension of the Chatbot AI, but they offer even more in-depth services to clients. By analyzing a client’s financial history and current financial health, these specialized AI can suggest which services or investments best accommodate a client’s needs and goals, down to a particular product or stock.
So whether it’s used to cut costs, enhance security or improve customer service, AI has ensured that banking has never been more safe, reliable and customer-friendly; with new advances in AI every day, it promises to be even moreso in the future!
And the future is now.
Review Overview
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