When we talk about Artificial Intelligence, J.A.R.V.I.S (Just A Rather Very Intelligent System) from the Marvel universe springs to mind (just me?) – A sassy, gentleman butler that helps and caters to our protagonists’ requests and needs in real time. The coolest thing about it is that it’s a digital, machine taught supercomputer that integrates itself in to every piece of technology around our hero Tony Stark (think Amazons’ Alexa on steroids).
The world is changing fast.
The evolution of technology is going at a lightning pace, where a decade ago such technology existed mainly in our imagination. Nowadays, we actually have smart houses, Industry 4.0, big data, smart refrigerators and even smart washing machines.
With that being said, AI is evolving as well. Gone are the days of SmarterChild on AIM, where immature questions and conversations entertained us for a brief moment. We have progressed to Siri, Cortana and Alexa to take care of our scheduling, reservation and communication needs, just to name a few (the immature questions remained though ↑ :D).
As with most industries, banking has also been impacted by the wave of AI.
It is of major importance for banks to keep up with technology and strive to be innovative so set themselves apart. Be it through FinTech cooperation or even coming up with their own in house innovations in order to be in sync with the technological wave. This might include integrated chat platforms in order to solve customer problems or requests on the fly or algorithms to make trading smoother.
- Anti-Money laundering (AML) Detection.
- Chat bots (no not SmarterChild) – automated chat systems that simulate and learn according to human interaction.
- Algorithmic Trading – making real time investment decisions, through analysis of data from different sources and adapting through pattern recognition and adaptation.
- Fraud detection systems – deep learning AI systems for vast analysis of data.
- Customer recommendations – big data analyses in order to see spending patterns and suggest best possible outcomes.
Data is constantly being collected, processed, organized and examined. It helps financial institutions to come up with the best possible answers as to where trends are going and how to adapt to them. AI helps with the whole process. It makes customer communication more personal, as these institutions would be able to predict what the customer wants, which makes the end product better. As Jim Marous of The Financial Brand perfectly put it: “What once was a very tedious process of new customer on-boarding communication can now become highly personalized interactions based on individual activity post opening.”
AI also makes your valued workforce’s much more productive, as it eliminates all the time consuming tasks of manual evaluation. “The end result is here, lets get to it!”
Soon enough most financial institutions will utilize the power of AI and machine learning to streamline their processes, lower costs, deliver better customer satisfaction and increase revenues.
To learn more about Digitization and Innovation, check out our Phoenix Conference in Prague this September!