“Calls for banks to be mobile-first, mobile-only, voice-first, AI-first–or any ‘technology-first’—are misguided. They represent a channel-, technology-, or device-centric view that is at the root of banks’ strategic problems. [Fill-in-the-blank]-first thinking is misguided because:
Convenience drives consumers’ choices of channels and devices.
“When it comes to banking, they put forward three specific areas of sensitivity.
The first was explainability – how leaders should approach the limitations of technology as it relates to explaining how AI arrives at conclusions.The second was the threat of bias and re-examining the concepts of transparency, fairness and accountability in an AI-first worldThe final concern focusing on diversity, from AI adoption to the executive leadership to the teams building AI models to the data used to inform decisions.
“In the banking sector, I think we’re going to go through the same shift, where it’s important for banks to recognize the power of AI. They need to take the responsibility of careful deployment of AI seriously and to lead the conversation.”
“The average new-account attrition rate after six to 12 months is 28%, he says, and can be as high as 35%. Further, 65% of acquired deposit customers turn out to be single-service households, on average. “All these things can be attacked with a good strategic plan supported by analytics and artificial intelligence,” Henkel states.”
“It began using Kasisto’s conversational AI platform to communicate with customers in 2017 and a year later bought AI technology startup Layer 6. It also started working with Flybits to use AI to personalize its mobile banking offering.”