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How the Banking Industry Will Change Under Artificial Intelligence

How the Banking Industry Will Change Under Artificial Intelligence
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Artificial intelligence has shown its value in our everyday lives with programs such as Apple’s Siri and Google’s Alexa. With rapid changes in technology, it is inevitable that the world of technology and banking will merge together to form a more efficient experience for both bankers and customers.

There are banks around the world that have optimized their interface to include artificial intelligence in their banking system. Per InformationWeek.com, the City Union Bank in Chennai has a robot called Lakshmi that speaks with customers about their account balances and the specific interest rates on mortgages. Likewise, in Japan, the Bank of Tokyo Mitsubishi UFJ hosts a robot named Nao that analyzes facial expressions and behavior as it interacts with customers in Japanese, English, and Chinese. Artificial intelligence has shown success in these banks, and if it is given the opportunity to expand, the horizons for innovation are bright.

Although those banks did depict the possibility of an innovative banking industry, it is important to consider what the general public thinks about artificial intelligence. According to a study by Weber Shandwick and KRC Research, more consumers consider artificial intelligence to have a positive impact on society than a negative one.

As for the amount of people who understand what AI is, two-thirds of those surveyed claimed they knew something about AI, a third were clueless, and 18% asserted they were very knowledgeable. Also, two-thirds or more said they would “trust AI with handling medication reminders, travel directions, entertainment, targeted news, and manual labor and mechanics.” On the contrary, only 40% claimed they would “trust AI to cook, teach, police, drive, and provide legal advice.”

Technology is a beautiful thing, and the world is becoming more innovative with the progression of new technology. The only question is: will we trust AI and allow it to become more integrated within our society?

Mohammad Sultani for TechFunnel.com


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Mohammad Ali Sultani
Mohammad Ali Sultani
Mohammad Sultani is currently an undergraduate at the University of San Diego pursuing a degree in Political Science and English. As an experienced writer for various technology, law, and political news outlets, he has shown great potential in his writings and hopes to continue developing his skills. With the goal of becoming an established lawyer and writer, Mohammad is determined to help those in need on both ends of the spectrum.

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