What are the AI challenges in the Financial Services?

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. 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. The use becomes a way to advance the machine. At Credit Mutuel, the 20,000 bank advisers have virtual assistants to sort the email, prepare answers and provide personalized information to customers more quickly about the products.

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.

This technology will allow them to better understand the intentions and emotions of their customers, thus improving the quality of interactions. “Artificial intelligence tools can help banks identify customer preferences and empower their teams to respond with that knowledge and emotional intelligence. This is essential to strengthen the relationship with customers.

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.

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%).

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