Artificial intelligence (AI) is a disruptive technology gaining widespread adoption across many industries, including banking and financial services. If you ask someone for an example of AI, you might hear responses such as product recommendations (Amazon), voice recognition (Alexa and Siri), self-driving cars (Tesla) or machine learning (Watson, the I.B.M. computer that won on Jeopardy). These familiar experiences illustrate how an extensive database can be accessed in real-time and generate responses with customized information.
But in practical terms, how can AI help improve the customer experience for banking customers? What’s the role of AI in digital conversations and customer service? Adoption of AI brings an essential best practice into the customer journey for banks transitioning from offline operations to chat bots to guided conversations in order to grow customer relationships.