4 Ways Artificial Intelligence Will Change FinTech

“Chatbots in FinTech

AI-powered chatbots can minimize the workload placed on call centers as they tackle the most typical and frequent user problems.

As simple as they may seem, each chatbot uses a complex sentiment analysis, which is possible thanks to artificial intelligence. This sentiment analysis focuses on understanding the customer’s experience with your service/application, identifying ways it falls short and training the chatbot itself to address those shortfalls. AI-powered chatbots make communication between a customer and a bank easier and more accessible. They use automated scripts to resolve simple complaints.

With the help of chatbots, some banking institutions can even grow their customer network. For instance, Bank of America generated over one million new clients two months after introducing their chatbot.”


Banking on technology

“Mr Chatchai said that GH Bank will also provide more convenience to customers in the first quarter of next year by allowing them to conduct a live chat with the bank’s staffers to request a mortgage loan.

With the live chat feature, customers will no longer need to go to GH Bank branches, in line with social distancing practice amid the Covid-19 pandemic.

Once their loan is preliminarily approved, they can go to a bank branch to submit the required paper documents.

The live chat function will be available on the GHB All mobile application. The app has seen more than one million transactions as of Sept 30, up 34.21% from the end of last year. Currently the app has more than 1.142 million users.”


Ally Financial Explains Why AI-Supported Devices Are Key to Meeting Consumers’ Shifting Banking Expectations

  • “65% of customer questions that come to the company’s artificial intelligence (AI) -supported digital assistant, Ally Assist, are currently being answered by the chatbot without the need for human assistance.
  • ‘Consumers have become accustomed to having instant access to information 24 hours a day and have come to expect the same from the companies they interact with,’ he said. ‘Financial services [are] no different. For banks to remain competitive, they must meet their customers where they are — everywhere.’”


AI bankability: 10 ways artificial intelligence is transforming banking

“Kasisto’s major contribution is its conversational AI platform, KAI, which banks can use to build their own chatbots and virtual assistants. It’s rooted in AI reasoning and natural-language understanding and generation, which means it can handle sophisticated questions about finance management that other bank customer-service digital assistants — Bank of America’s Erica, for example — can’t.

Kasisto has so far backboned AI assistants for several prominent banking institutions (including the UAE-based digital bank Liv., DBS Bank, Standard Chartered Bank and TD). The bank’s KAI-based bot walks customers through how to make international transfers, block credit card charges and transfer you to human help when the bot hits a wall.”

AI bankability: 10 ways artificial intelligence is transforming banking

PNC co-leads tech firm’s $50M financing round

  • “PNC Financial Services Group Inc. is an investor in an Orlando, Florida-based artificial intelligence software firm’s recently completed $50 million capital raise.
  • Kore.ai’s products SmartAssist and BankAssist bring AI virtual assistants to call centers and retail banking.”