Banking Revolutionized by Artificial Intelligence
Artificial Intelligence (AI) is set to revolutionize traditional banking by enhancing efficiency, security, and innovation. Experts predict that AI-driven chatbots and virtual assistants will optimize customer service, personalize interactions, and ultimately boost banks’ performance.
Chris McGee, from AArete, highlights the significant impact of AI on retail banking, emphasizing the development of tailored products and improved customer engagement. Arsalan Vossough, CTO of BetterAI, underscores AI’s role in enhancing operational efficiency, data analysis, and risk management within the financial sector.
Suresh Ramamurthi, Chairman of NetXD, foresees a future where AI reduces operational costs by streamlining processes and enhancing customer service. Billy Roberts, CEO of Wedge, points out major banks like JPMorgan and Bank of America already leveraging AI for various applications.
Despite the potential benefits, McGee stresses the importance of effective risk management in AI implementation. Branavan Selvasingham, VP of AI and Automation at Zafin, highlights AI’s ability to personalize banking experiences and improve customer satisfaction.
Ramamurthi predicts AI will drive revenue growth and enhance customer service, urging banks to adopt AI early to stay competitive. McGee emphasizes the importance of AI in refining customer journeys and strengthening connections with clients.
Artificial intelligence
2024-05-01 08:00:03
Original from www.ibtimes.com