AI: The Key to a Next-Gen Banking Experience
Artificial intelligence is no longer the future. It’s here today, powering everything from chatbots that help customers manage their accounts, to financial wellness solutions that provide users with specific recommendations on improving their financial health.
Want to know whether you should make a specific purchase? Ask a chatbot. Want to see how your peers compare to you in specific financial areas, and learn from their successes? Open an award-winning financial coaching app.
Financial institutions see the potential in next-gen solutions, and many have plans to launch interactive apps like chatbots (or already have). Bank of America, Royal Bank of Scotland, USAA, MasterCard, and CapitalOne are all currently investing in chatbot technology.
What defines these next-gen apps and solutions is that they leverage financial data and other information to understand the customer's situation, figure out what they need, and then give it to them. But these innovative, interactive solutions can only be as useful as the data and the systems behind them.
It’s not easy to get next-gen solutions right. In fact, a lot of the banking bots launched to date have fallen short of expectations or offered a poor customer experience. And banking customers don’t take these failings lightly. After all, it’s one thing if your weather app botches the rain forecast; it’s another matter if your bank's chatbot makes a mistake on the details of your checking account.
Yet artificial intelligence – when done right – has the potential to completely transform customer interactions. By providing access to a broader data set and machine learning algorithms which detect patterns and analyze habits, artificial intelligence can deliver insights and learnings that enable financial institutions and fintech providers to not only more deeply understand their users, but make them feel understood, supported, and in good hands.
To leverage the opportunities of next-generation banking opportunities and minimize the risks, financial institutions and fintech providers are partnering for success, teaming up with experienced vendors to apply predictive analytics and AI to a massive scale of data to derive valuable insights and power more personalized and proactive user experiences.
Envestnet | Yodlee is one company combining artificial intelligence models, data aggregation, predictive analytics, and bank-level security to arm its customers with smarter, more personalized financial wellness solutions, wealth management offerings, and other financial data solutions.
To leverage the opportunities of next-generation banking opportunities and minimize the risks, check out our recent webinar hosted by VentureBeat: AI: The Key to Creating a Next-gen Banking Experience. In the webinar, a panel of AI and financial industry professionals discuss how AI technology and tools can help detect patterns in financial and transactional data, predict future events, and even enable you to suggest a course of action for your users, resulting in a deeper and more meaningful connection.
In this on-demand webinar you'll learn how to:
- Use predictive analytics and AI to deliver more personalized and engaging apps and chatbots
- Drive customer engagement and loyalty with the next wave of financial wellness solutions
- Provide users with intelligent financial guidance based on past behavior
- Extract valuable insight from a wealth of data to measure users' financial health