Banks to utilize Artificial Intelligence to enhance customer interface in future

Banks to utilize Artificial Intelligence to enhance customer interface in future
The Siliconreview
04 April, 2017

According to a new report from Global professional services company Accenture released recently, it is ascertained that in the next phase of artificial intelligence (AI) acceptance, banks will use AI to help understand the intentions and emotions of customers for better interaction, According to the “Accenture Banking Technology Vision 2017” report, it is reported that more than three-quarters (78 percent) of bankers globally and 87 percent in India consider that AI can facilitate simpler user interfaces ultimately serving them create a more human-like customer experience.

Additionally, the report says that four out of five global respondents (79 percent) and nearly nine out of ten (87 percent) bankers in India believe that AI would reform the way banks collect information and interrelate with customers. “Indian banks are embracing digital solutions for interacting with customers; the next step is implementing the enabling power of AI,” Piyush Singh, Managing Director and Head of Accenture Financial Services group in India, said in a statement.

The three-quarters (76 percent globally) and 83 percent in India it is supposed that within three years banks would arrange AI as their primary method for interacting with customers as per the reports. “In addition to gaining insights, banks could transform customer experience and improve operational efficiency. However, the challenge will be how quickly banks can implement these new technologies as banks continue to face legacy issues with their existing IT set up,” Singh added.

It is been found that many of the banks have given authorized third-parties access to the account data already and cumulated card profiles to profit customers. Three-quarters (76 percent) of respondents globally and four out of five (80 percent) in India said that participating in these ecosystems will necessitate giving up control in errand of an better outcome overall— such as speed, agility and access to new customers.