The view point of three quarters of bankers surveyed by consultancy Accenture in a new report is that within the next three years, artificial intelligence (AI) will become the primary way banks interact with their customers.
The Accenture Banking Technology Vision 2017 report, which surveyed more than 600 top bankers and also consulted tech industry experts and academics claimed that in the survey, four in five bankers believe AI will “revolutionise” the way in which banks gather information as well as how they interact with their clients.
The face of banking in the coming years will be dramatically changed, in addition to other “fintech” innovations such as blockchain, by artificial intelligence which is the technology behind driverless cars, drones and voice-recognition software as this technology is see by the financial world as a key technology that would bring out that change.
Banks would be significantly helped in creating a more human-like customer experience by AI which would enable more simple user interfaces, believed more than three quarters of respondents to the survey.
“The big paradox here is that people think technology will lead to banking becoming more and more automated and less and less personalized, but what we’ve seen coming through here is the view that technology will actually help banking become a lot more personalized,” said Alan McIntyre, head of the Accenture’s banking practice and co-author of the report.
“(It) will give people the impression that the bank knows them a lot better, and in many ways it will take banking back to the feeling that people had when there were more human interactions.”
“To gain data analysis and insights” was cited as the top reason for using AI for user interfaces by 60 percent of the bankers surveyed.
However, one in three of the respondents said that the fact that users often prefer human interactions could also be a problem even as worries over the privacy of data were cited as the top challenge.
The quality and importance of human contact would increase, the report found, even while the number of human interactions in bank branches or over the phone was falling and would continue to do so.
“What you’re going to get on the bankers’ side is access to far better information, and that’s going to allow them to understand what your needs are and what the advice is that they need to give you,” said McIntyre.
Considered one of the ripest for technological innovation is the area of banks’ advisory arms.
“The advisory business of banking is a very costly model, and artificial intelligence can help to manage the data and to scale the advisory model in a way that was unforeseeable before,” said Roberto Mancone, Deutsche Bank’s global head of disruptive technologies and solutions.
(Adapted from Reuters)