Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

The Future of Artificial Intelligence in Banking

iStock 12501534101 - Global Banking | Finance

By Muddu Sudhakar, CEO  Aisera 

The banking industry isn’t known for the early adoption of new technology or for embracing new tech in general. But, amid the COVID-19 pandemic and the Great Resignation, Banking has adopted a leadership role in technological innovation.

It’s no secret the industry is transforming and two interconnected technologies, cloud computing and AI, have the potential to both modernize and improve the overall experience for consumers. These technologies offer a pathway for banks to compete with fintech startups and align their processes and services with the modern consumer’s expectations.

So, what is on the horizon for banking in 2022?

A Measured Move to the Cloud 

As 2022 continues to unfold, banks will slowly migrate operational and back-end platforms to the cloud, a move designed to reduce risk and improve agility. While risk is always present, giant cloud providers are allowing banks to pool resources and create distributed environments that are complex and less appealing targets for attackers.

Banks are consistently unable to remove constraints on growth or speed during the shift to cloud-based services, but the process is becoming inevitable. Still, according to the 2021 Accenture report, there’s a long way to go, with only 12 percent of financial institutions using the cloud.

Transforming and Modernizing Customer Care

The last two years have been game-changing for the banking industry. After the exodus to mobile banking apps and the social distancing requirements brought on by the COVID-19 pandemic, consumer desire to visit brick-and-mortar branches has vanished.  Now, the evolution of AI-powered platforms is transforming the industry in new ways with the rise of conversational artificial intelligence.

The old process of continually connecting consumers to a “live agent” in customer care is fading away. While human agents are still important and available to deal with escalated customer concerns, more and more financial institutions are opting to implement specialized software to deal with basic customer service issues.

These technologies are engineered to make life easier and can take over mundane, day-to-day internal and customer service tasks, freeing up live agents to deal with more pressing matters.

Conversational AI, like that created by Aisera, is designed to operate in lockstep with employees, establishing an integrated, more efficient, faster customer service experience.

Natural Language Processing technology is advancing quickly. Aisera’s solutions, for example, understand more than five billion intents and one trillion phrases across 74 languages. This ability to not only provide faster customer service but to engage with customers as it balances sentiment and language makes Aisera a tool that satisfies more than just the speed of the customer interaction but also its success.

Technology to Complement Human Capital

Conversational AI is designed to operate as a complementary technology to its human counterparts, and it’s freeing workers who have been stuck in the rut of mundane, basic call center jobs with low wages to branch out and seek better opportunities. These call centers, many of which are located outside of the United States, pay the equivalent of $5 per hour and are not set up to propel the business forward by utilizing worker skillsets. But when financial institutions implement an AI-based platform that automates many of the calls, workers are able to engage in higher-value work.

AI excels at answering certain types of questions because it can pull from multiple data sources and leverage historical context. It’s non-linear thinking at work, opposed to the more linear human brain. This technology develops problem resolutions at a scale that’s impossible for people.

At an increasing pace, banks are enlisting workers to assist in building workflows and suggest new efficiencies. Some examples might include automating international money transfers or new user checking account opening processes. Through this model, workers engage in more effective and lucrative tasks that provide benefits for them and their banking employers.

Understanding How Conversational AI Works and Why It Matters in Banking

Advanced AI platforms for service desks, such as the one offered by Aisera, are custom organized by domain and vertical. This platform focuses on customer service, sales, and marketing, and uses prior interactions to build a database of informed answers. It uses NLP to build a company’s content and taxonomy using specific industry language. The platform fine tunes the accuracy of responses by learning a client’s specific operations and customer service procedures, indexing libraries of content. It’s this data input “vocabulary” that makes AI-powered tools so powerful.

Technology always acts as a great disruptor, and while banking often lags in adoption due to regulatory constraints, it’s clear to see that conversational AI is an advancement even the banking industry cannot deny. In 2022 and beyond, the pressure to compete and streamline will continue to drive the industry to embrace more cloud-based and AI solutions designed to improve processes, uptime and the all-important customer experience.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post