- What you need to know...
- AI will continue to be thecritical enabler of digital transformation in banking. Internally, the value lies in reducing manually intensive processes to decrease operational risk and increase cost savings.
- AI will enable far more personalized digital customer interactions at scale, making banks less vulnerable to the otherwise massive UX gap created by tech companies as they begin to extend their highly personalized digital experiences to banking.
- The scale and pace of digital transformation underway in financial services means retail banks outpace virtually all other industries in terms of technology spend.
How AI vendors can sell into the retail banking sector
In 2017 the single biggest IT spend area for banks and credit unions wasn’t mobile or online, but branch based technology; using digital tools to enhance high value sales and service interactions within brick and mortar locations.
AI promises to be a powerful tool in this context, whether as part of tablet apps that can empower advisors to have more personalized sales conversations, optimizing cross-sale and upsell opportunities and putting the whole conversation on compliance guardrails. Other deployments include facial recognition upon entering the branch to help personalize digital signage and greetings, as well as data analytics on in-branch movements to help refine the customer experience.