The financial services industry has led from the front in embracing AI and ML technologies for improving efficiencies, increasing productivity, and launching new formats of engaging with their customers.
From introducing self-service chatbots and personalized customer experiences to “smart” risk assessments and the automation of processes like underwriting, the benefits are well recognized and desired. According to The Economist, around 85% of financial service providers have a “clear strategy” for adopting AI in the development of new products and services.
The same survey by The Economist also points out that around two-thirds of businesses know the benefits of AI and ML technology but think that the risk and complexity of adopting them outweigh the benefits to the customer experience. So, what’s holding them back? Could it be that rolling out these features is a daunting and complex task, with concerns about how they might integrate with legacy systems?
Iqbal Sait the head of EMEA and India at Apexon, thinks that incumbents need to act now in order to reamin relevant and cater to modern customers needs. At this article he points 3 main ways AI and ML can help transform the financial industry:
- A world of self-service – most customers say they would rather attempt to take care of matters themselves before reaching out to a human representative.
- Cross-channel personalization – Using AI and ML, banks, insurers and other service providers can use behavioral and historical customer data to promote relevant services across channels, increasing uptake and driving engagement.
- Enhanced risk management – AI and ML can help organizations manage risk more effectively by analyzing large amounts of data and identifying anomalous patterns.
Read his full take on AI in financial services at the link below.