Artificial Intelligence to Take Over The Banking Sector

Artificial Intelligence to Take Over The Banking Sector

Banks are turning to artificial intelligence (AI) to act like a digital personal assistant to customers.According to leading CEOs in the sector, m

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Banks are turning to artificial intelligence (AI) to act like a digital personal assistant to customers.

According to leading CEOs in the sector, money-making decisions are increasingly automated by the help of AI, as CNBC (cnbc.com) reported.

“Really people don’t like banking, it’s boring, it takes time, causes them stress, and people have bad financial habits.”, said Carlos Torres Vila, CEO of Spain’s BBVA, while at the Money 20/20 conference in Copenhagen.

“What we can do is leverage data and AI to provide people with peace of mind, really having an almost magical experience that things in their financial life turn out the way they want it. It’s almost like a self-driving bank experience.”, as he added as quoted by the report.

AI holds the promise to impact various areas. For example, robot assistants could be introduced to service customers.

“AI is a very potent technology that we are applying in many areas. It will also sit in the interface with customers. The funny part is that sometimes you can see that the reliability of an answer of an AI-generated answer to the question of a customer is higher than of the very next person you get on the phone.”, as Wiebe Draijer, CEO of Rabobank, commented in an interview with CNBC.

“We see AI as a solution to get more reliable insight, the right answer to the right question at the right time in support of the person sitting in a call center or in the branch. And so AI is extremely potent and we are going to see a revolution in how it’s applied already.”, Draijer elaborated.

Accenture has surveyed 600 bankers and found that 76 percent of them think that the majority of banks will use AI interfaces for customer interaction in the next three years.

It remains to be seen how automating the bank services will affect the physical bank branches.

“I mean the trend is moving even faster than I predicted in the U.K., now we’re seeing 15 percent of branch traffic falling per annum. That’s a huge effect.”, as former Barclays CEO Antony Jenkins reportely said.

Yet, some believe this is not the end of banking. On the contrary, A.I can improve the face-to-face experience customers get.

“This is about really automating all the routine … transactions. And then really spending time with customers on what stuff matters. You know, when you want a mortgage, when you want to plan for your retirement … all that kind of good stuff.”, said the CEO of Barclays UK, Ashok Vaswani in an interview with CNBC.

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