AI Adoption in Financial World

25 Nov 2018

AI Adoption in Financial World

AI is rapidly evolving in the financial world with adoption in areas of front-line customer management, self-service, operations, and backend processes. There is a growing trend of conversational interaction interface such as Alexa, google home and others . Intelligent virtual1 assistants for customer service span a wide range of abilities to handle simple to complex use cases with embedded machine learning with natural language understanding (NLU). Broadly, these interactions can be categorized as chatbots and voice assistants.

Chatbots: Chatbots are able to produce a meaningful response by factoring in context, conversation history, and sentiment analysis. Chatbots eventually become autonomous and will respond similarly to a human’s logical and augmented reasoning.

Voice assistants: The voice assistants provide a more natural way of communications that customers like to use. Humans speak much faster than typing, an AI-powered voice assistant complemented with the power of NLU, speech recognition and deep learning is evolving to handle complex and context-aware conversations.

Currently, companies invest heavily in contact centers to serve customers . But, contact centers2 are human-based and cannot scale in a sustainable way at the same rate as increasing customer call volumes. Incorporating AI will transform contact center operations and other functions in the financial world.

  • AI NLU to enhance agent skills can help improve customer satisfaction and improve call handling time.
  • Machine learning with NLU for back-office applications such as modeling risk, capital optimization to improve efficiency.
  • RPA (robotic process automation) with NLU for process automation to improve employees performance.
  • AI insights for monitoring, observability, and analytics. 

AI adoption in the financial world is increasing and financial companies are spending actively to engage AI for financial stability and increasing customer expectations, needs and to deliver to the satisfaction of customers.

2Source: Forrester Data Global Business Technographics Networks And Telecommunications Survey, 2017.

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By: Praveena Dhanalakota
VP of Cognitive/AI Global Practice