Artificial Intelligence (AI) and Virtual Reality (VR) has gone a long way of success. Penetrating not just the personal lives of many but also the key industries such as business and banking services.
To prove this premise, it’s the digital customer’s world—banks just live in it. In fact, twenty percent of bank customers are now digital-only users.
In a calculation of tech site in Singapore, nearly seventy-three percent admit they’d be more excited about a new offering from Apple, Google or Amazon than from their own Financial Services Provider (FSP).
While, thirty-five percent of millennials don’t even believe they’ll need a bank five years from now.
With today’s new and extravagant age, consumers and markets expect nothing short of a sophisticated banking experience that meets their evolving needs.
They desire a deep level of personalization and anticipatory engagement. They want contextual, multi-touch experiences that span the entire organization, quoted the Singapore-based website.
The current market is looking for an unprecedented level of quality, agility and speed.
For financial service providers (FSPs), this means being open, agile and integrated enough to support the future of the customer experience. Without question, this means strategizing around artificial intelligence (AI) and virtual reality (VR).
World top analyst has seen a dominating path for AI and it could reshape any other technology over the next five years.
It can be gleaned that collectively, global leaders like Facebook, Google, Microsoft and Baidu have spent over $8 billion on dedicated AI investments. For instance, Amazon alone spends $228 million per year to run Alexa and other related machine learning initiatives.
Great success is heading on for AI after financial execs expressed and agreed that AI will become the “primary” channel through which FSPs and customers interact within the next three years.
Talking more on role of AI on financial services, we can utilize Capital One as a suitable example. In 2016, the brand became the world’s first financial services company to launch customer account access on Amazon’s Alexa platform.
With the help of the breakthrough platform, customers can now use the AI device to check their balances, pay bills and engage in a host of other voice-based interactions.
So far there is no question on what AI can do in order to help FSPs meet next-gen customer needs; however, the technology also offers inherent organizational benefits.
One of which is the possibility of using robo-advisors to ensure compliance and regulation. It’s expected that financial institutions will soon be able to use robo-advisors to create trading algorithms, guaranteeing compliance regardless of market conditions or client circumstances.