Why financial services organisations must be ready for increased AI-based customer service and resulting regulations

“Automation and AI-based technology is playing an ever-increasing role at each stage of a customer service journey, from chatbots to customer data analysis.
Yet delivering optimum customer service through the likes of AI comes with new and expanding security regulations
Indeed, the likes of online chatbots empowered through automated or AI-based Q&As, have become the tool of choice for many financial organisations.
The backbone of the new EU policy on AI stipulates different levels of risk ranging from unacceptable risk to minimal risk.
According to the current definitions for each level of risk, none of the AI customer service features currently on the cloud such as chatbots, automated Interactive Voice Response technology or Caller Line Identification tools, qualify as unacceptable risks, meaning that all cloud contact centre operations can continue as normal.
Other areas of AI integration that stand to face greater regulation are online dashboards. AI uses data from these dashboards to personalise the online experience – it can analyse the most popular functions of online banking and take users directly to frequently used tabs.”