The Benefits Of AI And Voice Technology In The Future Of Banking

  • “The banking industry in particular has spent nearly $30 billion on data and business analytics tools and software in 2019.
  • 75% of respondents at banks with over $100 billion in assets say they’re currently implementing AI strategies, and only 46% at banks with less than $100 billion in assets.
  • Although AI advisers are not common place yet, Business Insider Intelligence forecasts that these tools will be responsible for more than $4.6 trillion in assets by 2022.”

https://www.google.com/amp/s/aidaily.co.uk/articles/the-benefits-of-ai-and-voice-technology-in-the-future-of-banking%3fformat=amp

Brands use chatbots to find a direct channel to consumers

  • “Yellow Messenger announced a $20 million series B round led by the US fund of Lightspeed Venture Partners on Friday.
  • Its conversational AI platform is used by over 100 enterprises for customer and employee engagement.
  • It’s hard to run call centres because they require people to go into large offices with dedicated telephony and computer equipment that can track and analyze calls. The way to keep these running is to automate them, and that’s where Yellow Messenger comes in.
  • Indians are used to messaging on WhatsApp for a variety of purposes. So it’s not much of an ask to get consumers to choose products, quantities and delivery slots in a WhatsApp chat with an AI bot instead of an ecommerce portal.”

https://www.google.com/amp/s/www.livemint.com/mint-lounge/business-of-life/brands-use-chatbots-to-find-a-direct-channel-to-consumers/amp-11587304713613.html

Why AI Is Transforming The Banking Industry

  • “On a recent AI Today podcast Casey Royer from USAA, a large US bank serving the military community, shared his perspective on how the bank is adopting AI, how they’re using AI to broaden USAA banking offerings
  • The bank sees AI as one way to help provide more hyperpersonalized offerings, automatic monitoring, as well as improve various back office operations.
  • Through these fraud prevention methods, Casey says the bank is able to actively monitor fraud in real time and is saving its customers on average around $100 million a year
  • One major challenge they have faced is the access to data. It’s no surprise that USAA has very large amounts of data, but one of the big challenges is having real time access to that data to see what is happening.”

https://www.google.com/amp/s/www.forbes.com/sites/cognitiveworld/2020/04/05/why-ai-is-transforming-the-banking-industry/amp/


Casey Royer

USAA

Executive Director – Personalized Experience Management

http://linkedin.com/in/caseyroyer

Expert: Bots should be less human

  • “Our goal is to make humans less robotic by diverting the mundane, repeatable tasks to automations, which will allow humans to do what they do best — be more creative, show more feeling, and make a real impact,” said Erik Ashby, Director of Product, Helpshift.
  • “For example, when IBM’s Watson was unveiled and won Jeopardy, the world was astounded that a machine could be so “intelligent” and hypothesized all sorts of use-cases for the technology. But when Watson was applied to customer support, it wasn’t focused, was far too complicated and wasn’t proving useful to brands,” said Ashby.”

http://www.bizreport.com/2020/03/expert-why-bots-need-to-be-less-human.html