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More often than not, Artificial intelligence (AI) is seen as a doomsday topic by some, but others believe AI has the potential to change the world.
With the UK being set to become the global hub of AI regulation, it creates trusted and responsible technology.
We cannot hide away from AI and machine learning in banking; the technologies are a part of our everyday lives. From facial or touch recognition when unlocking your phone to virtual assistant technology in our homes to autocorrect, smart technology is everywhere, so it only makes sense that banks leverage this.
The UK had the lowest annual growth in worker productivity in the first quarter of 2023. To overcome this, according to The National Bureau of Economic Research, productivity was increased by 14 percent, when over 5,000 customer support agents used an AI conversational tool.
As such, financial services institutions can use AI to improve customer experiences and provide a more personalised touch to their services, to streamline bank branch management and bolster security, creating the bank of the future. There is untapped potential for AI in the financial services sector.
However, to ensure that this is successful, the AI application must be trained with accurate and high-quality data. This could come from trusted touch points within the bank, such as ATMs which provide valuable data about customer behaviour.
The Global Artificial Intelligence study from PwC, found that AI could contribute up to $15.7 trillion to the global economy by 2030, and the banking and financial sector is already seeing the benefits of this technology.
Providing a personalised experience with AI
When you deal with a bank or any other business, you want to feel like you are the most important person. The best way to give great customer service is by making each experience personal. By integrating AI and machine learning into operations, banks can analyse customer behaviour patterns on all touch points throughout their journey.
Banks collect information to provide personalized experiences for customers. This happens instantly, whether customers use in-person banking, mobile banking, or web services. This works to break down internal silos and gives customers a truly omnichannel experience.
The AI powered bank branch
Banks want to use more digital self-service options in branches. They need to help customers who struggle with this technology.
This is where AI can step in. New virtual assistants with AI can help customers with banking self-service systems by understanding their needs and guiding them intelligently.
A great example of this is how our IOLE offering is integrated within the Auriga Bank4Me solution.
As this technology can be integrated into assisted digital teller solutions, smart virtual assistants, like IOLE, can also be used to provide financial management advice for customers.
As such, this reduces the number of calls to remote banking operators, and therefore lowers operational costs. These reduced costs can be passed on to customers, to further provide excellent customer service.
Looking into AI and the future of banking
Branch back-office operations could significantly benefit from how AI can transform data. New generations of predictive analytical technology use more powerful AI to achieve a step change in operational performance.
Concerning lifecycle management of physical devices, for example, AI can identify use patterns of an ATM, and predict when those devices will need maintenance.
Moreover, by monitoring the cash supply in an ATM, banks can predict trends for withdrawals and deposits over specific times. These insights help ensure that ATMs have the necessary amount of cash in their machine and improves the cash replenishment process.
The bank of the future relies on leveraging AI and utilising data to improve internal operations and create streamlined banking services for customers.
Not only that, as banking becomes more digital, AI can be used by financial services institutions to provide an additional layer of security to further protect their operations, and most importantly their customers.
An AI powered bank branch is on the horizon, and financial services institutions must take a look at their operations and integrate this technology to keep up with the competition and ensure that their customers are happier and more satisfied.
