Emerging technologies will shape the future of financial services, Lee Wetherington, director of strategic insight at Jack Henry & Associates, told attendees at CU Direct’s Drive 18 Conference in Grapevine, Texas.
Three technologies are:
1. Machine learning
While you’ve changed the radio station or ordered items from Amazon using Alexa, Wetherington cautions credit unions about jumping into voice banking.
“People are funny about their money for a lot of reasons, but specifically about speaking about their money out loud,” he says.
Most chatbots aren’t ready for primetime yet, Wetherington says. Organizations using chatbots that don’t sound human run the risk of doing more damage than good.
Until voice banking is sufficiently high-quality, Wetherington suggests credit unions continue leveraging the people and services and that make their financial institutions unique.
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