Artificial Intelligence in banking: Artificial Intelligence (AI) will become the primary way banks interact with their customers within the next three years, according to a new report.
Four in five bankers believe AI will ‘revolutionize’ the way in which banks gather information as well as how they interact with their clients.
More than three quarters of respondents to the survey believed that AI would enable more simple user interfaces, which would help banks create a more human-like customer experience. Read more about Artificial intelligence in banking:
The new report, the Accenture Banking Technology Vision 2017 report, surveyed more than 600 top bankers and also consulted tech industry experts and academics.
Artificial Intelligence – the technology behind driverless cars, drones and voice-recognition software – is seen by the financial world as a key technology which, along with other ‘fintech’ innovations such as blockchain, will change the face of banking in the coming years.
The top reason for using AI for user interfaces, cited by 60 percent of the bankers surveyed, was ‘to gain data analysis and insights’.
But worries over the privacy of data were cited as the top challenge, with one in three also saying that the fact users often prefer human interactions could also be a problem.
The report also found that, while the number of human interactions in bank branches or over the phone was falling and would continue to do so, the quality and importance of human contact would increase.
‘What you’re going to get on the bankers’ side is access to far better information, and that’s going to allow them to understand what your needs are and what the advice is that they need to give you,’ said McIntyre.
Banks’ advisory arms are an area considered one of the ripest for technological innovation.
“The advisory business of banking is a very costly model, and artificial intelligence can help to manage the data and to scale the advisory model in a way that was unforeseeable before,” said Roberto Mancone, Deutsche Bank’s global head of disruptive technologies and solutions.