While technology has changed many aspects of our daily lives, banking and finance are still looking to keep up with other sectors.
New Innovations such as artificial intelligence and blockchain technology is able to offer big financial institutions new ways to kickstart the industry surrounding fintech.
This new financial wizardry is beginning to help banking organizations work on better and more streamlined processes, along with changing the whole structure of banking for its customers.
New generations of banking users are demanding a faster and more efficient service, which sits along with other technological advanced ways of living which they are becoming more used to expecting. Young entrepreneurs and others need to be able to make and receive payments around the clock to keep up with strides forwards in commerce, which new technologies are bringing with them.
They are looking for fast response time and user-friendly banking services. Let us take a look below at two ways that advanced technologies are adding to customer experience, expectations, and better internal systems for banking institutions.
Upgraded AI chatbots
Artificial Intelligence voice operation virtual assistants are becoming more sophisticated. They are now being used in an ever-increasing number of payment apps
Banks and other services are trialing, researching, and rolling out chatbots to enhance customer service. The waiting time and other disadvantages of using real-time assistants, heavily outweigh using new ‘all day, every day’ customer service bots which are available 24/7. The likelihood that you will talk to a real agent when making payments or many other aspects of customers day to day banking is becoming less and less.
These upgraded chatbots will have the technology to process and understand different languages, predict questions and able to analyze large amounts of data. All within a scope requiring less power, less hardware space and in harsher environments.
Although chatbots have been used for over a decade now, new advances in artificial intelligence have forwarded their effectiveness and abilities. And that’s not all the future has in store for Fintech!
For instance, IBM’s Watson Assistant is able to summarize customers’ chat history to intelligently direct customers to the answers they might need or even to direct them to a real live agent if required.
These new advancements in customer experience and satisfaction will also significantly reduce the costs of employing live agents and bring increased sales to banking organizations.
Just as AI chatbots have helped cut labor costs, many of the latest banks are launching as digital-only. With Fintech applications replacing more and more brick and mortar bank branches.
According to experts, the new generation of banking customers are familiar in everyday digital advances and although previous generations may have thought this move unthinkable, the digital native cohort fully expect and embrace such moves.
Digital-only banks are now gaining popularity among millennials as they can receive services in the comfort of their homes or offices, and no longer have to visit banks, now they can perform vital tasks on the website or app.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.