While many other businesses are soaring ahead, using artificial intelligence (AI) really get to know their customers, learn their spending patterns, and deliver what they want, banks seem to be lacking in that department. Instead of taking on new techniques and processes, many banks are still struggling, using the same same old legacy systems that have been in place for far too long already. But, if banks want to succeed and not get overtaken by upcoming Fintech companies, they need to get their gameface on and start implementing AI into their businesses in order to keep their customers on side.
Apps are very popular at the moment, and some of them make our lives much easier in one way or another. Now, companies including Amazon, Apple, Google, Facebook, and Alibaba intend to use AI to gather data that’s collected by these apps. This will enable them to effectively promote the right products to the right people, helping them to enhance their sales. On a similar level, the auto industry is also using AI to develop a fleet of autonomous cars. These are all revolutionary solutions that could change these industries dramatically.
In today’s current climate, people are quite happy, and often prefer, to use digital technologies for all their financial needs. But, there doesn’t seem to be much offering in this department when it comes to banks, other than say, mobile banking. Customer loyalty is no longer what it used to be and if banks want to retain their business they will have to fight for it. It’s time for banks to start offering bespoke services to their customers, Which is quite possible through the use of AI.
Gaining access to customers accounts through AI will enable banks to see what their customers preferences are and offer bespoke solutions based on them. Customer engagement is another area where AI can excel. Using chatbots as a way of dealing with customers queries, not only saves the company time and money on staffing, but it also helps the customer by being available as and when they need them. Human frontline staff could then be utilised in other areas such as dealing with complaints or other more complex issues.
The other added benefit of implementing AI chatbots into banking is that they can use the customer’s prefered language in which to communicate. This in itself helps solve a lot of problems. AI will dramatically transform our lives over the next decade, so the sooner banks and other financial institutions get onboard the better for everyone.
Source Financial Express