Intelligent way to bank
What’s really exciting about artificial intelligence (AI) in banks is not cutting costs – it’s the fact that banks will finally be able to provide us with the service we have always wanted!
For example, just take a mortgage application. AI will allow banks to prefill those annoying forms, provide an immediate answer to your queries, give you a real-time response on your application and accept your digital signature, and will never miss a settlement date.
So, literally, you could turn up to a house inspection, apply for a mortgage by talking to (yes, talking to) your bank’s AI via your mobile phone and bid for the property 20 minutes later. In other words, AI will allow banks to properly use, for our benefit, the information they store on us.
For those of you who think this is fantasy-land, just consider what Bank of America has already done. It offers round-the-clock transaction services by voice communication (no typing needed). It also allows customers to apply for a mortgage using a mobile phone app, and all in less than 20 minutes.
Roger Perry, CEO, Bevington Group