The rapid integration of digital data generation and analysis though the full range of sensing and interactive engagement points put a definitive sell-by date on the business as usual approach to financial services. The article outlines how the basic mindset has to change for financial institutions to take advantage of the interoperability of systems that gather new data and access stored information to synthesize individualized solutions in a timely manner for individual consumers.
…. AI has evolved way beyond chatbots answering simple customer queries. Advanced analytics and AI can now be applied to every aspect of banking-from real time customer engagement, to more efficient operational processing to better risk and fraud management. This is because AI spans across not just one, but a spectrum of technologies such as big data, language processing, deep learning, machine learning, robotics, and facial, speech and gesture recognition. …
This is the promise of adroitly drawing on these technologies to deliver consumer solutions to aid in surmounting the obstacles in their path. Understanding the interconnected aspect of the various personal economic factors and influences and partnering with clients to determine their financial options to make informed decisions will ultimately be the service and expertise FIs will be retained to deliver.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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