- “According to research from Cornerstone Advisors, heading into 2020, just 4% of mid-size banks and credit unions had deployed a chatbot. By the end of the year, that percentage had more than tripled to 13%.
- Cornerstone’s research says another 16% intend to invest in chatbots in 2021.
- Cornerstone’s research also found that 56% of banks and credit unions had launched a digital transformation strategy or initiative before this year.”
“What’s the front-office potential for banks and credit unions from use of AI?
Ramamurthy: It’s massively large. AI is going to have a transformative role to play not only in retail banking, but in every industry.
In retail banking, one of the biggest impacts will be with digital agents. These AI-powered agents, or bots, will handle the multi-channel banking world of today and tomorrow. They will also materially increase the productivity of human call center agents, because the bot will be able to handle 80% to 90% of the calls.
Risk management is another huge area of AI impact, particularly for fraud intervention as banks and credit unions move towards real-time payments.”
– “In the post pandemic era, according to Forrester Research, e-commerce sales have grown by 20% in the US and digital is now the default way of shopping for most millennials.
– One of the world’s largest conversational AI companies announces new product to serve e-commerce brands globally
– Buzzo is a multilingual voice assistant enabling better search, discovery and purchase for e-commerce websites and apps
– First implementation is for JioMart – one of India’s largest grocery platforms with more than 3 million orders a month”
- “Orchid Bertelsen, head of digital innovation and transformation at Nestlé, said the project was inspired by the inconsistent experience that customers often reported after calling into the company’s customer service line, which is staffed by employees who may not have direct baking experience themselves.
- ‘Consumers told us she had to sound like a real person, and she had to be encouraging, empathetic and bring levity to the experience because baking is meant to be fun. We spent a lot of time getting the human interface right so people would remember how Ruth made them feel.’”
- “In Forrester’s report, ‘The Top Emerging Technologies in Banking in 2021,’ multiple forms of AI were on the hot list, including machine learning; deep learning; natural language understanding, generation and processing; and even ‘computer vision.’ The report indicated that financial institutions ‘are doubling down on the role that AI will play in digital transformation.’
- ‘There’s still some homework they need to do before they can use APIs in a more comprehensive, strategic fashion, as opposed to tactical deployments,’ says the analyst. Multiple groups have been working to set standards, but in the meantime, in simple terms, it’s somewhat like having house with multiple kinds of electrical outlets.”