- “For financial institutions that have yet to adopt conversational banking, the potential user base already exists. Nearly two-in-five U.S. adults are now users of smart speakers, such as Amazon Alexa or Google Home.
- In November 2020, eMarketer estimated that 128.0 million people in the US used a voice assistant – 44.2% of internet users and 38.5% of the total population.
- The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, according to Autonomous Next research. Notably, the front office (conversational banking) and middle office savings account for $416 billion of that total.”
- “Survey respondents reported cost savings of roughly 20% on average over the past two years across processes in finance, human resources, supply chain and procurement, and service delivery and operations.
- Microsoft finance has reduced by 20% the time spent compiling and validating data, which saves over 150,000 hours of work every quarter. In addition, chatbots reduce support costs by 30%.”
- “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.”
Executive Director – Personalized Experience Management
- “AI today is similar to the introduction of the desktop computer three decades ago. Many people resisted computers and got left behind. What’s the best argument for AI today?
- If you can write instructions for a task so that someone can follow them, then AI can replicate those actions.
- Not only can your company exist without you performing these tasks, it will also (eventually) be more profitable (with fewer errors) because of it.”
Gartner clients can read more in the report “Predicts 2020: AI and the Future of Work.