Industry Insights: Bots and Banks
Artificial Intelligence (AI) and its role in the banking industry
AI is booming, with total revenue expected to grow from $8 billion this year to $47 billion by 2020 (IDC). So far, most banks and credit unions have been cautious about this advanced technology.
One area where AI may be helpful is supporting the customer journey. Where disconnects between the physical and digital interactions can sometimes lead to inconvenience or confusion, AI solutions such as chatbots, UI and virtual assistants may be able to help.
But is the financial services world ready for AI? We’ve rounded up recent articles that examine some currently-available AI technologies, and how they may improve customer service in financial institutions.
- Financial Marketers Unprepared for Data-Driven Future, Financial Brand. By harnessing the power of data analytics and using information they already have, banks and credit unions can personalize and customize the ways they communicate with account holders.
- 10 things marketers need to know about AI, IBM. Marketing departments can take better advantage of automation and artificial intelligence to use their consumer data—especially to reach digitally-inclined targets such as millennials.
- 10 Artificial Intelligence Trends to Watch in 2017, Datamation. A digest of recent predictions about which specific AI types and strategies will really take off in the next five years, specifically for financial institutions.
- Three Steps to Adopt Artificial Intelligence in Banks and Insurance, Fintechna. Discusses specific financial institution processes where using AI should be considered to streamline operations, such as e-form data extraction, mortgage loan approvals and next level check fraud detection.
- The Voice Assistant Landscape Report: How artificially intelligent voice assistants are changing the relationship between consumers and computers, Business Insider. Describes voice assistants, a specific type of AI in wide use in the marketplace today and popular among consumers. Recommends how banks and credit unions can take advantage of this technology now and in the future.
- Pain in the bot? Artificial intelligence in banking, Strands. Offers specific ways that financial institutions can implement chatbots, conversational UI’s and other AI tools, and argues the significance of simplifying how account holders reach service representatives.
About the Industry Insights Series
Alogent’s Industry Insights—this blog and the companion newsletter series—track insights into transformative financial technologies as they happen. Our diverse team of experts pulls the threads together and weave in thoughtful—often actionable—analysis to help banks and credit unions keep their competitive edge and meet new generations of consumers where they’re going next.