Artificial Intelligence in Banking: Top Priorities for 2022 (And Beyond)

“Several surveys and market research studies have found that people actually prefer interacting with bots instead of humans. Although some of these surveys are conducted by conversational AI vendors, skeptics should consider the fact that there are 24 million users of Bank of America’s digital assistant Erica and they completed 123 million interactions in the fourth quarter of 2021, up 247% year over year.
Juniper Research forecasts that chatbot interactions will save 862 million hours for banks globally, which equates to $7.3 billion in cost savings.
‘With no shortage of customer data, financial institutions are sitting on a treasure trove of answers in terms of where customers are headed next and what their financial needs will soon be,’ Everfi writes. ‘Armed with that data, institutions can grow wallet share and generate revenue by catering their products and services to customers in anticipation of their time of need.’”