“Really people don’t like banking, it’s boring, it takes time, causes them stress, and people have bad financial habits.” — Carlos Torres Vila, CEO of Spain’s BBVA
As the world undergoes a major digital transformation, it has recently been discovered that using AI and slightly complex algorithms, banking too can become a far easier and less cumbersome task.
A large number of banks are relying on artificial intelligence to act as digital assistants to customers, helping them by automating money making decisions. A lot of these banks are also investing in this project. Among these banks is BBVA, which is heavily vested in and seeking to digitize its operations. In a world of digital services and multi-platform mobile applications, BBVA does not wish to be left behind in the rat race.
“What we can do is leverage data and AI to provide people with peace of mind, really having an almost magical experience that things in their financial life turn out the way they want it. It’s almost like a self-driving bank experience,” said Vila.
According to an Accenture survey, out of 600 bankers, 76% believe that by 2020 a large number of the banking institutions will incorporate AI interfaces as their primary customer interaction method.
“AI is a very potent technology that we are applying in many areas. It will also sit in the interface with customers. The funny part is that sometimes you can see that the reliability of an answer of an AI-generated answer to the question of a customer is higher than of the very next person you get on the phone. We see AI as a solution to get more reliable insight, the right answer to the right question at the right time in support of the person sitting in a call center or in the branch. And so AI is extremely potent and we are going to see a revolution in how it’s applied already,” says Wiebe Draijer, CEO of Rabobank.
Megha Shah for TechFunnel.com