Transforming with Bots: The impact of AI in Financial Services

Are you afraid of the bots?

For decades, the term Artificial Intelligence (AI) has generated both wonder and unease.  Everything from excitement about how the capabilities will augment human labour to trepidation about how it will eliminate jobs. Driven by refusal to accept the limits of our minds, we are building machines of great complexity that will extend the human experience in ways beyond our imagination.

Extend, Enhance, Advance the Human Experience

AI is about leveraging technology to amplify people, not replace them. Repetitive tasks can be automated. Knowledge and know-how captured across people and systems can be put back inside these systems to drive even greater value. Doing so will free you to be more creative and leverage the time to think about the even bigger opportunities that lie ahead.

Engage your customers without increasing costs. Reestablish trust through personal interactions (at scale) and drive innovation with more confidence and less risk.  AI presents a massive opportunity for financial services organizations to revolutionize the way they gather information and interact with customers.

Make Life Easier for your Customers

Whether the customer is at home, driving, or in another time zone travelling, they’ll be able to reach the services via text or voice and interact with the system to get the answers or solutions they are looking for in seconds. Imagine replacing today’s experience where a customer calls their bank, struggles through the interactive voice response systems, following all prompts only to be directed to a person a period later.  Bots allow the customer to speak normally and converse with chatbots, even handling a change in context during the conversation. They’re powered by machine learning and as such, they can adjust and improve customer interactions.

Examples of value added customer engagement

  • Self-service chatbots: Users text questions and chatbot responds with best resources
  • Automated flagging/detection of events: i.e. reminder of upcoming unpaid bill
  • Voice/Text initiated transactions: i.e. “Pay Enbridge bill in amount of $X, email confirmation”
  • Suggest other services

Empower your Employees

AI crunches data in real time to provide users with tailored recommendations and identify insightful correlations. There are many ways AI using bots can empower employees to engage customers in the financial industry:

  • Bots can provide automatic suggestions to improve engagement, suggest upselling relevant solutions based on data and context of conversation
  • Quickly provide a 360 view of customer products, relationships and preferences and needs
  • Provide alerts to the advisor if account or behavior and live data point to risks
  • Arrive at data driven decisions faster, suggest products/solutions tailored to customer demographics, age group, or current life situations

Face your fears and reap the rewards

AI is about harnessing humanity’s collective knowledge and experiences to make better decisions and enrich how we understand and relate to each other and our shared world. It’s about making life easier with intelligent services that anticipate our needs, organize our environment, and perform time-consuming repetitive tasks, freeing you to be more creative and productive.

Read the whitepaper: Making Banking Personal again – Augmented Intelligence in Banking and Capital Markets.