The latest innovations in artificial intelligence (AI) are pushing the boundaries of what’s possible, what’s practical and what people are coming to expect from their financial institutions. As major brands across multiple industries incorporate the first wave of bots, machine learning, robotic process automation and natural machine language into their services, consumers are navigating more of their daily tasks on their own, in real time. Those experiences are having a profound impact on financial services, as customers look for quick, frictionless ways to handle more financial tasks themselves, whenever it’s most convenient.
AI technologies can satisfy the growing demand for real-time, self-service experiences in a variety of ways, from supporting more voice-enabled payments and transactions to automating complex decision making and product recommendations. Many of the first AI developments are geared toward helping businesses extend their customer service as though they had limitless human resources. Popular brands are leading the way with pilots of interactive bots such as the Flo Chatbot from Progressive® Insurance, which delivers insurance quotes at any time through Facebook Messenger.
But AI is about more than simply using digital bots to replace human interactions. It’s about creating a new caliber of better, more personalized and scalable experiences driven by a combination of human potential and technology-enabled insights. With AI, people and applications can become smarter and more capable.
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