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From traditional Digital Banking to Intelligent Conversational Banking

Business talk | Spanish

Theatre 21: Track 5

Thursday - 13.55 to 14.35 - Business


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How will the future be? Will we be surrounded by robots with oriental features that will attend us at the bar or in the supermarket? Is it like we saw in Blade Runner or Minority Report? This question is increasingly common in our society and although we do not have the answer, at least for the financial sector, in this post we will try to explain how Artificial Intelligence (AI) will help us improve our lives.

The main objective that AI will achieve, across the board in all sectors, will be to improve and make people’s day-to-day life more comfortable. In the financial field, it will benefit both the client and the Bank. On the one hand, it will allow customers to offer increasingly personalized services with a better user experience; While banks will help you reduce costs, improve customer satisfaction and get your loyalty.  

This will only be achieved thanks to the development of software based on the synergy between AI and the Data, allowing customized, personalized and private attention for the client. And not only that, but this software will be able to communicate with the client using their own language giving rise to Conversational Banking.  

Let’s look at an example of this new Conversational Banking: imagine that a client uploads a photo to their Facebook wall about a certain sport with the comment “a dream that I would love to make come true”. Your financial institution, notices it and with the prior authorization of the client to receive offers, offers you through a private chat conversation, advise on how you should adjust your economy to drive that desired vehicle:  

“Hello Ana, if you want that car, you should reduce your heating consumption by 10%, pay the holidays in installments and sell your current vehicle for around € 15,000. With that, you could request 2 years of renting on that model, are you interested in talking about it? ”  

It is a financial advisor who watches over your domestic economy whenever you need it, 24 hours a day, wherever you are and who addresses you, with the language that you understand.  

The current trend of the financial sector is to migrate the traditional Digital Banking, to Conversational Banking that will allow the client to consume services through interactions in natural language, which is its inherent form of communication and with which it feels most comfortable. Using your own voice or text, through any device (mobile, tablet, digital clock, speaker or television) the customer can request information, contract products or make transactions with your Bank.  

In addition, this Conversational Banking will no longer only be static on a website or app of the Entity, but it will also be integrated into all communication platforms where the client is located: from a WhatsApp or Instagram chat, to the incipient ones and innovative Google Assistant or Amazon Alexa platforms.  

To achieve this customization, the key will be in the Data. The financial activity that each client generates daily provides a volume of historical data and an experience, impossible to process in an agile way by the human mind and that thanks to the algorithms of Artificial Intelligence, allow to detect and learn patterns of behaviors (which have not previously programmed, but are detected).  

Answering the initial question, the future of AI in the financial sector will generate customized, empathic and ergonomic solutions, accessible through the language used by our client and through the communication channels he frequents. In short, it will improve the Financial Health of the client.