What are the AI challenges in the Financial Services?

At Aslogix we know that there are many challenges of AI in financial services. Without a doubt, artificial intelligence in finance is a powerful tool in the analysis of any market or environment. Therefore, in this article we tell you more about the challenges that exist and how to face them. Do you want to know more? Join our experts on this journey, here we go!

Banks are gradually seizing artificial intelligence (AI) technologies as a way to reinvent themselves as digitization transforms their relationship with customers.

Launching a bank in 2019 without shipping the AI is, from our point of view, a fault.

As an example of AI applications, AI can take the form of a chatbot, or conversational robot. Also, one of the essential features of AI is the ability of the machine to learn. It’s not just about coding software by looking at all the possibilities exhaustively, but about feeding the program with a lot, a lot of data. In the same way, the use becomes a way to advance the machine.

AI in financial services

At Credit Mutuel, the 20,000 bank advisers have virtual assistants to sort the email. These advisors are also responsible for preparing responses and providing personalized product information to clients more quickly.

Some percentages

More than three-quarters (78%) of bankers believe that AI (Artificial Intelligence) will pave the way for simplified user interfaces that will help create a more humane customer experience.

In addition, four out of five respondents (79%) believe that AI will revolutionize how information is collected and how banks interact with their clients, and three-quarters (76%) expect that in the next three years years, the banks will deploy artificial intelligence as the main method of customer interaction.

Some percentages

More than three-quarters (78%) of bankers believe that AI (Artificial Intelligence) will pave the way for simplified user interfaces that will help create a more humane customer experience.

In addition, four out of five respondents (79%) believe that AI will revolutionize how information is collected and how banks interact with their clients, and three-quarters (76%) expect that in the next three years years, the banks will deploy artificial intelligence as the main method of customer interaction.

What is the biggest challenge?

The challenge will be the speed at which banks will adopt these new technologies, many of which are not compatible with current IT infrastructures. This transformation calls on banking managers to design technological tools to align their products and services with the needs of their customers in near real time. In traditional banks, core operations continue to migrate to digital channels.

This leads to major changes for banks with the redesign of branch networks and the improvement of their digital presence. 80% of bankers surveyed expect AI to accelerate the adoption of technology across the organization, providing their employees with new tools and resources to better serve customers.

3 reasons to integrate AI

The three main reasons for integrating AI into user interfaces are:

• “Analyze data and obtain information” (60%), “Increase productivity” (59%)
• “Improve cost-effectiveness” (54%)
• Bankers, on the other hand, highlighted the difficulties in implementing AI, citing privacy concerns (38%), compatibility with the current IT structure (36%) and the fact that users often prefer human interactions (33%).

What to do in the face of AI challenges in the Financial Services?

Many companies offering financial services have achieved great improvements thanks to AI. Therefore, it is important to remember that such technology has customer-focused functionalities. Undoubtedly, the implementation of artificial intelligence is a new paradigm, but it has not yet reached its full potential.

As we have seen, the challenges of AI in financial services are very diverse. However, with such innovations, many processes that were previously thought impossible can be optimized. That’s why we at Aslogix are always looking for alternatives to offer optimized services. We are here to serve you!

Please contact us if any questions: ASKLOGIX