In three years’ time, the Accenture (CAN.N) revealed a survey where three quarters of bankers admitted that the fundamental way to connect with their customers will be through artificial intelligence.
About four in five bankers are certain that AI technology will transform the way banks collect data and how they can communicate with their clients. They asked the opinions of academics, tech industry experts and 600 top bankers to get their thoughts on the subject.
The financial sector sees AI, besides fintech innovations like blockchain, as the primary technology that will alter the banking sector in the next few years. Over three quarters of survey respondents are confident that AI will allow simpler user interfaces that would assist banks in developing more personalized customer experience.
However, the biggest contradiction with this situation is that people believe automated service will be less personalized, but the effect is the complete opposite. With this technology, the clients will actually feel like the bank knows them better. The bankers surveyed explain that the main reason for utilizing AI for user interfaces is to gain insights and data analysis.
One out of three did confess that the main challenge that they would encounter is how they would keep the information gathered private. They would also have to overcome the fact that most people favor human interaction.
In return, AI will improve the banker’s access to better information and it will enable them to learn the clients’ needs, as well as, know the right advice to give the clients. It will not only develop the banking system, but it will also increase the efficiency of the bankers themselves.