Banks today sit on mountains of underutilized customer’s financial data. With the recent introduction of Sahamati, the emergence of neobanks, and the changing expectations of a banking customer, has forced the incumbent banks to implement digitization of their services at scale.
AI, as a technology sits as a catalyst above this digital layer and offers transformative solutions to the banks in terms of improving process efficiency through automation, decision making, risk analysis, and to the customers in the form of enriched banking experience from an easy to open a bank account, to access to financial services tailored to suit their needs & demands. According to Mckinsey Panorama, almost 80% of financial institutions have partnered with a financial technology services provider in their efforts to adapt digitization & artificial intelligence.
While it is understood, the growing customer’s needs have forced many banks to embrace digitization, build easy to use simple user interfaces, offer better customer support integrating bots & human interactions; a lot more can be done to further enrich a customer’s relationship with a bank. And, artificial intelligence is widely perceived as that catalyst that could help banks strengthen relationships with their customers.
This article briefly covers the role of artificial/augmented intelligence in transforming the customer’s experience that helps banks to attract the potential customers and retain their present customers, in the top 3 growing markets within the banking sector which is very important for better user experience which traditional Banking system is not providing it, are lending, wealth management, and transaction banking.
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