December 31, 2018
Artificial intelligence and machine learning are emerging as the most defining tech-marvels in this new wave of financial services. The technology, along with the abundance of data, has given way to several innovative FinTech business models. Several promising players now use AI to solve some of the major problems for customers in the banking and financial services industry – think chatbots, PFM, robo-advisors, and so on.
Banks are never the ones to be left behind when it comes to tech adoption. With digital transformation and customer experience as the top-most priority, banks are now banking on AI to deliver the next-gen service to their customers. Some of the most powerful banking and financial institutions are looking to seek partnerships, investments, and in-house developments to take advantage of application potential of machine learning and AI.
In their quest towards superior customer experience, streamlined operations, and lower costs, banks are increasingly looking towards modern tech innovations. Artificial intelligence is one such tech marvel which has the potential to transform the way banks and financial institutions engage with their customers. With the adoption of messaging and social media platforms growing by leaps and bounds, banks and FIs now realize that the crux of their business is built around conversations, and not just around transactions. Thus there seems to be a wave of sorts among leading banks across the globe to launch their own chatbots.
The conversational interface of intelligent chatbots has a variety of advantages – efficient customer service, process excellence, reduced time-to-response, reduced call center cost, etc. Chatbots have a great potential of driving efficiency gains across the financial services industry as Oracle claims that chatbots could save $174 billion across insurance, financial services, sales, and customer service.