AI – Your sci-fi movie imagination is turning into a reality
“I truly believe Ai is the key to unlocking the full potential of human focused digital, so it is important that we understand what Artificial Intelligence is, in order to understand what it is going to mean for design. Because now that it is here, we have a solid foundation to start creating more intelligent, invisible experiences that make us more human by design. We are at the precipice of one of the most significant discoveries of development since we learnt how to light a fire.” – Pete Trainor, Director of Human Focused Design, Nexus CX Ltd., “Hippo: The Human Focused Digital Book”, 2016.
In the Infosys Finacle – Efma Innovation in retail banking report, 52% of the banks said that artificial intelligence will have a significant impact as a disruptive technology. In the Technology Vision survey conducted by Accenture, 86% of bank executives felt that the use of AI provided a competitive advantage beyond just cost. Progressive banks believe that AI is set to transform the way business is done; a good indicator would be the number of intelligent digital assistants that are introduced every month for a wide range of banking services. For example, Santander recently announced that it will be providing secure transactions enabled by voice recognition on its banking app; RBS has already trialled an AI customer service assistant, “Luvo”, to interact with the staff and it may potentially be used for customer interactions in the future.
Right now innovative banks alongside challenger banks and payment providers are leading the way with AI adoption. Remaining incumbent banks are expected to follow suit. As customers become more digitally savvy, AI is enabling banks to provide a differentiated customer experience on digital channels, as well as, help banks build a foundation of trust with AI’s integration into the banking infrastructure. Banks can transform their back office with the automation brought in by self-improving AI driven programs. While cyber criminals are getting smarter every year, banks are responding by integrating AI into their security framework to offer protection from theft and fraud.
The significant benefits offered by AI are already visible – Swedbank’s AI assistant Nina achieved an average of 30,000 conversations per month, and a first contact resolution rate of 78% – numbers that are unimaginable by human standards. It is not hard to see why AI has everyone excited.
Banks need to understand that the success of AI programs stands on the shoulders of data-led analytics. Hence the success of these AI projects will depend on the on the competent execution of all things digital, including big data, automation and cloud computing. In 2017 banks will be exploring more proof of concepts to integrate conversational interfaces onto their omni-channel strategy to improve upon customer live chat interactions – a good example is Digibank’s mobile app that is powered by Kai, an AI platform by Kasisto. Caixabank has partnered with IBM to implement a financial advisor for its business customers. From these examples it is pretty evident that in the future almost all financial advisors will be robots, who will be smarter than your average human beings. And as these robots keep interacting with humans, they will just keep getting smarter.