AI ‘to revolutionise’ banking

Bankers believe artificial intelligence (AI) will “revolutionise” the way financial institutions will gather information and communicate with their customers, according to a new report by Accenture.

Its study, canvassing the views of 600 bankers and tech and industry experts, found banks will use AI to help better-understand what customers want and improve communication.

Some 78 per cent of bankers think AI will allow for easier-to-use interfaces that, ironically, will help them create a “more human-like” customer experience.

Four in five think AI will revolutionise the way banks gather information and three quarters think the technology will be banks’ “primary method” for speaking to customers within just three years.

When asked to identify the top three reasons for embedding AI into user interfaces, respondents most often cited “to gain data analysis and insights” (60 per cent), “increase productivity” (59 per cent) and “cost benefit savings” (54 percent).

However, the bankers acknowledged challenges to implementing AI, citing privacy issues (38 per cent), compatibility issues with the current IT structure (36 per cent) and the fact that users often prefer human interactions (33 per cent).

“Consumers’ diverse needs and priorities are forcing financial services firms to redefine how they interact with them to determine the best products and services to meet individuals’ needs,” said Alan McIntyre, a senior managing director at Accenture and head of the company’s banking practice.

“AI-enabled tools can help banks identify consumer preferences and empower their workforces to react with insight and emotional intelligence, which is essential for the development of meaningful consumer relationships.

"The challenge will be how quickly banks can implement these new technologies, many of which are not compatible with their existing IT infrastructure.”