The role of AI in the digital banking business
Digital banking has become not only very popular, but in many cases the only link between banks and their customers.
According to the May 2016 report on the role of the tablet in mobile banking, half of the US adult population now uses banking services via smartphones and tablets (which is 29 million more than the year before). Thanks to the provision of financial services through digital channels, consumers can conveniently use banking services anytime and anywhere, but what is the price of this convenience? And do banks justify the expectations of their customers?
One of the main problems facing the financial industry is the risk of deterioration in customer relations as it transitions to digital interaction. Let's face it: online banking sites are pretty impersonal. For many years, personal relationships were the norm, because clients could build relationships with a bank employee who knew about their financial situation and helped them achieve their financial goals. Nowadays, only 32% of clients use traditional branches of banks, which means a significant reduction in opportunities for creating personal relationships with customers.
It is in this industry that the use of artificial intelligence (AI) and machine learning ( MO ) can help turn the tide. The goal of AI interaction tools is to provide customers with applications that understand what they want and help them achieve it.
Imagine that your bank’s passive and impersonal digital portal has become a virtual financial assistant that focuses solely on helping you do your best for your financial stability. An assistant who never sleeps and constantly works in the background, monitoring your general financial data in real time and giving you the most important information about your finances and the possibilities of taking reasonable measures. It will help you take steps to achieve financial stability by recommending simple ways to save even more, spend wisely and plan for your financial future. Your virtual AI helper will be with you everywhere, and you will be able to interact with him from your mobile phone in a chat or voice through connected home devices. Finally, your assistant will not only keep track of your historical data, but also be able to help predict upcoming financial events and organize you so that you can actively manage your finances.
Maybe we have to wait another year or two, but when this moment comes, these technological advances will lead to the democratization of financial stability, which can make banks supporters of their customers. If properly used AI , then this can be achieved. In the near future, banks will be able to provide context-sensitive information, including comparative benchmarks for similar customer segments, personalized for each individual. They will be able to get their online data for proper financial behavior and harbingers of success that can be provided to individual customers. Banks can become trusted advisors and protect their customers anytime, anywhere.
Competent financial institutions will also extract a lot of useful information from their clients' interactions with virtual AI assistants. The main objective of financial stability is to ensure that customers use financial products that are optimized to meet their specific needs. Exploring their customer interactions with virtual assistants can help banks offer the right kind of financial products and services to meet customer needs.
Over time, tools such as virtual chat assistants or voice assistants can humanize the banking experience of interacting with customers. Now is the time to start experimenting with technologies and find out how you want to use them. As with any new technology, it’s better to start slowly and evolve over time. Below are three points to consider when developing the first test tools.
When it comes to an application such as a voice assistant, it is important to set the bar in advance so that the user knows about its capabilities. In the early stages, voice commands were mainly focused on specific usage scenarios.
For example, Apple faced a structural problem in the early days of working with Siri - no matter how well the voice recognition element worked, users could ask only about 20 things. Apple gave consumers the impression that they could ask about anything, and in return, users often received a computerized shrug. A few years later, Alexa from Amazon showed completely different results. The company announced in advance what the voice assistant can answer, and what not. The helper also had the advantage of a much larger set of behavioral data for indexing and responding. In fact, the system initially seemed "smarter."
Financial service providers need to start with common usage scenarios for which there are simple answers. Clearly defined narrow areas, such as a request for a bank account balance or transaction details, seem to be a good option, because users can easily determine what they can ask. And when you choose a provider, make sure that the service allows you to easily switch between the bot and the human assistant. Many of the good services are able to recognize the confusion of customers and switch the dialogue to a live representative.
Elements of visual assistance - such as the screen on the device - can complement virtual assistants and chatbots , eliminating situations of confusion and showing customers how the AI components of the service work. Platforms such as Amazon Machine Learning offer help and analytics to help companies create machine learning models without having to write code themselves. Other design elements that can be used in parallel with the AI functions are touch screens, icons, and a choice of subsequent predetermined steps that allow the client to easily navigate between choices.
Most designers agree that bots should have something similar to a human person. Ideally, technical and creative designers should work together when developing a dialogue — even when it is necessary to process very complex requests. For example, Google hires creatives to bring humor and interaction into the interaction between people and technology, and in the team of Microsoft Cortana there is a poet, a writer, a playwright and a former television scriptwriter.
Chatbots work best when people interact with them as they do with people, so the technique can use the usual conversation style, as a result of which the user will not encounter an unnatural syntax. If you provide your bot with personality, then encourage its natural dialogue.
The first initiators in the field of AI are likely to be technology companies. Keep track of what they are working on and consider choosing platforms such as Facebook Messenger and Alexa for your first excursion. Customers can choose their own service, and you can debug “bugs” before fully integrating services into their digital channels.
AI and MO can potentially revolutionize all areas of our life. In particular, in the financial services industry, they can help increase consumer confidence, and this will be crucial as more and more users are switching to mobile platforms. After examining all the possibilities offered by these technologies, it is extremely important to focus on the consumer. It is highly likely that in the future, AI and MO will become commonplace in everyday life. When technology begins to become commonplace, it will undoubtedly be useful to lay the foundation for users to always be a priority.
According to the May 2016 report on the role of the tablet in mobile banking, half of the US adult population now uses banking services via smartphones and tablets (which is 29 million more than the year before). Thanks to the provision of financial services through digital channels, consumers can conveniently use banking services anytime and anywhere, but what is the price of this convenience? And do banks justify the expectations of their customers?
One of the main problems facing the financial industry is the risk of deterioration in customer relations as it transitions to digital interaction. Let's face it: online banking sites are pretty impersonal. For many years, personal relationships were the norm, because clients could build relationships with a bank employee who knew about their financial situation and helped them achieve their financial goals. Nowadays, only 32% of clients use traditional branches of banks, which means a significant reduction in opportunities for creating personal relationships with customers.
It is in this industry that the use of artificial intelligence (AI) and machine learning ( MO ) can help turn the tide. The goal of AI interaction tools is to provide customers with applications that understand what they want and help them achieve it.
Imagine that your bank’s passive and impersonal digital portal has become a virtual financial assistant that focuses solely on helping you do your best for your financial stability. An assistant who never sleeps and constantly works in the background, monitoring your general financial data in real time and giving you the most important information about your finances and the possibilities of taking reasonable measures. It will help you take steps to achieve financial stability by recommending simple ways to save even more, spend wisely and plan for your financial future. Your virtual AI helper will be with you everywhere, and you will be able to interact with him from your mobile phone in a chat or voice through connected home devices. Finally, your assistant will not only keep track of your historical data, but also be able to help predict upcoming financial events and organize you so that you can actively manage your finances.
Maybe we have to wait another year or two, but when this moment comes, these technological advances will lead to the democratization of financial stability, which can make banks supporters of their customers. If properly used AI , then this can be achieved. In the near future, banks will be able to provide context-sensitive information, including comparative benchmarks for similar customer segments, personalized for each individual. They will be able to get their online data for proper financial behavior and harbingers of success that can be provided to individual customers. Banks can become trusted advisors and protect their customers anytime, anywhere.
Competent financial institutions will also extract a lot of useful information from their clients' interactions with virtual AI assistants. The main objective of financial stability is to ensure that customers use financial products that are optimized to meet their specific needs. Exploring their customer interactions with virtual assistants can help banks offer the right kind of financial products and services to meet customer needs.
Over time, tools such as virtual chat assistants or voice assistants can humanize the banking experience of interacting with customers. Now is the time to start experimenting with technologies and find out how you want to use them. As with any new technology, it’s better to start slowly and evolve over time. Below are three points to consider when developing the first test tools.
Start with specific usage scenarios and do not forget to set the bar first.
When it comes to an application such as a voice assistant, it is important to set the bar in advance so that the user knows about its capabilities. In the early stages, voice commands were mainly focused on specific usage scenarios.
For example, Apple faced a structural problem in the early days of working with Siri - no matter how well the voice recognition element worked, users could ask only about 20 things. Apple gave consumers the impression that they could ask about anything, and in return, users often received a computerized shrug. A few years later, Alexa from Amazon showed completely different results. The company announced in advance what the voice assistant can answer, and what not. The helper also had the advantage of a much larger set of behavioral data for indexing and responding. In fact, the system initially seemed "smarter."
Financial service providers need to start with common usage scenarios for which there are simple answers. Clearly defined narrow areas, such as a request for a bank account balance or transaction details, seem to be a good option, because users can easily determine what they can ask. And when you choose a provider, make sure that the service allows you to easily switch between the bot and the human assistant. Many of the good services are able to recognize the confusion of customers and switch the dialogue to a live representative.
Use visual aid
Elements of visual assistance - such as the screen on the device - can complement virtual assistants and chatbots , eliminating situations of confusion and showing customers how the AI components of the service work. Platforms such as Amazon Machine Learning offer help and analytics to help companies create machine learning models without having to write code themselves. Other design elements that can be used in parallel with the AI functions are touch screens, icons, and a choice of subsequent predetermined steps that allow the client to easily navigate between choices.
Make sure your bot has a personality and soul.
Most designers agree that bots should have something similar to a human person. Ideally, technical and creative designers should work together when developing a dialogue — even when it is necessary to process very complex requests. For example, Google hires creatives to bring humor and interaction into the interaction between people and technology, and in the team of Microsoft Cortana there is a poet, a writer, a playwright and a former television scriptwriter.
Chatbots work best when people interact with them as they do with people, so the technique can use the usual conversation style, as a result of which the user will not encounter an unnatural syntax. If you provide your bot with personality, then encourage its natural dialogue.
Integrate leading technical platforms
The first initiators in the field of AI are likely to be technology companies. Keep track of what they are working on and consider choosing platforms such as Facebook Messenger and Alexa for your first excursion. Customers can choose their own service, and you can debug “bugs” before fully integrating services into their digital channels.
AI and MO can potentially revolutionize all areas of our life. In particular, in the financial services industry, they can help increase consumer confidence, and this will be crucial as more and more users are switching to mobile platforms. After examining all the possibilities offered by these technologies, it is extremely important to focus on the consumer. It is highly likely that in the future, AI and MO will become commonplace in everyday life. When technology begins to become commonplace, it will undoubtedly be useful to lay the foundation for users to always be a priority.
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