 | | Report Snapshot: AI in Banking |
| Here's how banks can use AI to transform the customer experience … AI has the potential to fundamentally transform the customer experience by enabling frictionless, 24/7 customer interactions across a variety of channels, including web, mobile, and smart home devices, as well as tailoring to each individual client with insights generation, proactive advice, and personalized recommendations.
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| | | Here's a look at how banks can use AI to transform the front-end customer experience. Selected use cases are presented in order of most to least mature, with maturity level based on analyst insights, available research on the subject, and interviews with industry experts.
- Chatbots and voice assistants. Conversational banking enables customers to interact with their bank via chatbots or voice assistants and is the front office's most mature case of AI deployment. Chat- or voice-based banking simulates conversations with human customer service agents. Unlike rule-based chatbots, smart chatbots and voice assistants use NLP and ML to improve with each customer interaction and offer a more personalized experience over time. And by 2022, conversational assistants could allow for operational cost cuts of over $8 billion across global banks, compared with only $20 million in 2017, per a Juniper Research study.
- AI in biometrics. AI-enabled biometrics solutions fall into two categories, physical and behavioral, and allow banks to improve speed and efficiency in authenticating and identifying customers. The technology will be used by 1.9 billion consumers globally by the end of 2020, including for mobile app authentication, ATM cash withdrawals, and digital onboarding, per a Goode Intelligence projection cited by Biometric Update.
- Personalized insights. AI also holds significant potential when it comes to delivering personalized insights to customers, whether with advanced chatbots that manage budgets, wealth management apps, or personal finance management (PFM) solutions offered via mobile banking apps, as examples. AI-enabled insights can also be used to provide personalized product offers and recommendations to clients. Further, advanced knowledge management can allow call center employees to more quickly deliver the insights their customers are looking for, allowing them to spend more time on other tasks, such as building customer relationships, Dominic Venturo, chief innovation officer at U.S. Bank, told Business Insider Intelligence. And AI-driven insights improve over time as more data is gathered and analyzed.
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