“Although the financial services sector acknowledges that AI will play an integral part in the industry’s future, most companies are only investing in small-scale pilots or niche use cases. 32% of financial service providers use AI for predictive analysis, voice recognition and others. As AI becomes the main differentiator, it’s about time to fully embrace the technology.
The consumer world is already on board with the idea of AI and chatbots for customer care, which are omnipresent across their preferred channels. In addition, it pays to remember that the pandemic pushed society even more towards online services, and consumer expectations for self-service have grown exponentially.
Ultimately, AI will cut costs, but its implementation’s strategic and primary rationale is to improve customer loyalty and efficiencies by satisfactorily handling millions of interactions across multiple channels. As long ago as 2020, McKinsey estimated that AI can potentially unlock $1 trillion of incremental value for banks annually. The return on investment will be worth the up-front outlay.”