Banks Har­ness­ing AI Tools

Arabnet - The Quarterly - - Industry Stories -

76% of world­wide banks will de­ploy AI in­ter­faces as their pri­mary point of in­ter­ac­tion with cus­tomers within the three years to come, ac­cord­ing to a sur­vey con­ducted by Ac­cen­ture. With AI in the picture, banks will not only rev­o­lu­tion­ize the cus­tomer re­la­tion­ship man­age­ment, it will pro­vide per­son­al­ized rec­om­men­da­tions of prod­ucts based on their cus­tomer’s habits and needs, and will also of­fer per­son­al­ized fi­nan­cial ad­vice and port­fo­lio man­age­ment that caters to their sub­ject’s fi­nan­cial plans. Banks will also be able to cut down on ex­penses re­lated to ba­sic cus­tomer ser­vice and back-of­fice tasks, while op­ti­miz­ing their per­for­mance on both ends.


Also known as Smart Vir­tual As­sis­tants (SVAS), Chat­bots are ar­ti­fi­cially in­tel­li­gent soft­wares that can main­tain a con­ver­sa­tion with a per­son; they’re au­to­mated chat sys­tems that do not re­quire any hu­man in­ter­ven­tion. By iden­ti­fy­ing the con­text and emo­tions ex­uded by their sub­ject dur­ing a chat, they re­spond with the rel­e­vant and ap­pro­pri­ate an­swer. Some chat­bots are voice ac­ti­vated and other are text ac­ti­vated. By em­ploy­ing this smart tool, banks will rede­fine cus­tomer sup­port. In fact, chat­bots of­fer a wide ar­ray of ben­e­fits in­clud­ing 24/7 cus­tomer ser­vice, cost sav­ing plans, pen­e­tra­tion of mil­len­ni­als, and tar­geted con­tent de­liv­ery.

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