The Unstoppable Advance of Artificial Intelligence

For a while now, we have been talking more often and in increasing detail about the importance of artificial intelligence in the financial sector. This is not just about greater computational power or more efficient processes. The emergence of AI has meant completely redefining the relationship with the customer and a genuine restructuring of the Customer Experience (CX) model in a sector which will be strategically vital in the years to come.

Linked to this, the possibilities of conversational banking have become increasingly more relevant, especially when we look at the touchless economy that the pandemic is pushing us towards. There is no doubt that both AI and conversational banking have enormous potential, but though it is rarely discussed, the most important thing about these growth opportunities is that the future of financial institutions will depend on them being integrated properly.

AI can make customers’ lives easier and create a more promising future, but it could also be deadly for institutions that are not able to adapt to this new scenario. As AI drives a paradigm shift, it is important to ensure that the hyper-personalisation of banking is not compromised by providers’ lack of experience, whether it is a lack of AI expertise, inappropriate technology or a lack of knowledge about the core business: the customer experience.

Based on an article by Finextra, we have gathered together some of the most important figures in the form of an infographic, so our readers can learn as much as possible at a simple glance. Here is what the unstoppable advance of Artificial Intelligence looks like in the banking sector.