AI News, Artificial Intelligence

The Point

The latest innovations in artificial intelligence (AI) are pushing the boundaries of what's possible, what's practical and what people are coming to expect from their financial institutions.

As major brands across multiple industries incorporate the first wave of bots, machine learning, robotic process automation and natural machine language into their services, consumers are navigating more of their daily tasks on their own, in real time.

AI technologies can satisfy the growing demand for real-time, self-service experiences in a variety of ways, from supporting more voice-enabled payments and transactions to automating complex decision making and product recommendations.

Drawing from a wealth of transactional and account data, a bot could potentially begin any interaction with an understanding of the customer's preferences, habits, demographics and financial history – plus overall market and segmentation data.

Beyond helping financial institutions offer more intelligent personalization for individuals, AI solutions may soon assist with more broad-ranging demand predictions and planning across an institution's entire customer base.

Sophisticated predictive modeling algorithms could generate the insights executives need to develop the next set of products to bring to market, including sales estimates for each new offering.