How can Banks help customers manage money throughout their life? In the early days of banking, bankers knew customers and could guide and advise them in person. Today's digital models have taken away that personal connection.

Can we use technology to bring back the human connection? At many levels, Artificial Intelligence (AI) can be leveraged to bring back that connection. AI and machine learning can process a multitude of information about customers, do comparison analysis, and find suitable product/ services that the customers need.  This essentially means finding what's right for your customers and complete set-up steps based upon customers’ consent.

Across the world, Financial Services firms are waking up to the possibilities AI can bring to their business. Some banks, for instance, are actively using AI to reduce error rates, deliver personalised services to HNI customers and do real-time sentiment analysis. AI powered virtual assistants are also making waves.

Safer, more trusted banks

Cyber criminals are growing more dexterous and in numbers each passing year. A report by McAfee estimates that cybercrime costs the global economy more than $400 billion a year. Other than monetary damages, cyber-crimes also make customers cagey and damage trust.

Financial services companies have now declared war on hackers with support from the “third” kind. Leading banks are investing millions of dollars in AI integration to offer security against fraud and theft in order to build a sustained and honest relationship with their customers. Several popular banks already depend on AI to prioritise and prevent cyberattacks. Thought leaders in the industry are now investing heavily on AI research for developing advance solutions to tackle several issues, including cybercrimes.

Earning customer loyalty 

The rise of digital first banks has changed customer expectations. The complex banking model is under threat, yet complexities in the system are ever increasing. AI can be the answer to stay competitive in this cutthroat environment. From using robots to greet customers, to providing voice banking or selfie-pay, to deploying robo-advisors, there is immense scope for AI to drive customer loyalty for banks. Large financial service organisations are already using AI to deliver personalised advise to its wealthy clients and several others have invested in AI technology to answer complex financial questions posed by customers.

Organisations are depending on machines to replicate human decision-making, in areas such as financial service regulation and ticketing of IT issues. In some cases, AI adoption has resulted in up to 40% increase in productivity, saving customers millions of dollars annually.

Happy, more productive workforce

How is AI helping bank employees? “By freeing employees from mundane tasks and making time for other important work,” explained the chief manager of the bank, where Nao, an AI assistant, is employed. Right from customer service, collaboration, to being an effective digital assistant – AI further augments employee performance. The latest to join the bandwagon is another leading bank that has installed an AI assistant to help its staffers.

I would heartily welcome the next generation banking augmented by Artificial Intelligence. Would you take up the AI charter for your bank?  Yes, no, maybe?