In­tel­li­gent way to bank

Money Magazine Australia - - NEWS & VIEWS | THIS MONTH -

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

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