The article further extends the use of AI to the branch side, where it can provide on-site intelligent engagement through tablets, financial simulators, and even physical robots that stand in for human bank tellers. It also discusses the integration of AI virtual financial assistants with Google Home, SMS, Facebook, Amazon Alexa, and the web, enabling customers to do voice-based banking at home or anywhere. The author concludes by stating that the AI window of opportunity for banks is open, but only if they take full advantage of it. If banks do not adopt AI now, they risk losing market share to digital banks and fintech competitors.
Key takeaways:
- AI presents a significant opportunity for banks to improve customer service, increase revenue, and reduce operational costs.
- AI tools can be used in various business functions to accelerate innovation, personalise products and customer interactions, and respond to opportunities faster.
- AI can automate key areas of customer service, including customer onboarding, workflow recommendations, and providing regulatory compliant recommendations through robo advisors.
- If banks do not adopt AI, they risk losing market share to digital banks and fintech competitors.