In this piece, discover the transformative power of AI and how it redefines efficiency, personalization, and security in banking customer service. With these insights, banking institutions can experience a surge in satisfaction rates and address common service challenges effectively.

But, for a deeper dive into rapid AI software launch strategies that rejuvenate your business model, explore my LinkedIn.

Chatbots & Voice Assistants

The reason AI is getting so much attention currently is because of the negative consequences. One of the recurring concerns is that with deepfakes synthetic voices and video will be able to fool current security measures in banking. There have already been countless cases of AI generated voices calling family members asking for money due to a supposed emergency.

While some think this is the end of security this will require banks to improve their security measures. Just in the same way social and mobile login forced the introduction of 2-factor authentication AI will force three and four factor authentication.

Enter chatbots and voice assistants. Trained on your banking usage and behavior it will enable more trust in banking.

Sentiment Analysis & Feedback

While most are obsessed with the idea that AI will take over everything leaving humans without a place in the world. The most likely scenario is a symbiotic existence between man and machine.

As our engagement with technology becomes more and more seamless with AI the reality will not be automation but instead it will be feedback. As customers engage with their banking apps they will be given a reflective look on their banking behaviour.

Customers empowered with a partner in their finances will allow for a more conscious experience with their money. Resulting in a more positive relationship with their bank. This will lead to a healthier economy overall.

Fraud Detection & Prevention

AI is extensively used as a defence against fraud already. It falls under the category of machine learning. Using existing patterns derived from collected data to predict the likelihood of a particular expense or transaction being fraudulent.

With the more data collected the solutions get better. With the adoption of large language models and generative AI the problem of fraud detection and prevention will take another leap forward. This is the result of a transition from math to language.

Traditional machine learning uses statistics and predefined data points while the current wave of deep neural networks analyzing text will be able to teach themselves and advance more rapidly.

Personalized Recommendations & Results

AI in banking is more than a trend; it’s a transformative movement. With the power of personalized recommendations, banking is stepping into a future where experiences are optimized just as one might optimize their life choices in their 20s. From my experience, it’s not always about the intricacies, sometimes simplicity, like paying $130 for a 30-minute task, speaks volumes.

Imagine the impact of a “What-if” scenario bot in the financial sector. Such tools, driven by AI, offer a faster understanding of your financial strategy, not in years but in mere minutes. By elevating financial literacy and discovering innovative ways to manage expenses, AI creates an empowered approach to personal finance.

Robotic Process Automation & Workflow Optimization

Now let’s change the perspective. Up until this place we have been talking about customer experience enabled with integrated AI. But what happens if we apply these same tools to the employees of these large banking organizations.

While we aren’t talking chatbots or VAs we can focus on larger, more routine tasks. In corporate America this would could be process automation and workflow optimization. Taking away the routine of employees will allow them to focus on tasks that really matter.

When routine tasks are eliminated and passion is returned to work bankers will be able to focus on the customer’s experience. Human connection will also return to the world of finance. Restoring confidence and trust.

AI Ethics & Challenges

You’ve seen people await their big break; discover yours by choosing to create, not just consume. AI isn’t a distant dream but a present reality, waiting to elevate businesses — consultants, coaches, and owners alike.

Not merely another tool, AI represents a transformative revolution. By harnessing it responsibly and ethically, business leaders can amplify their value, not only to their immediate audience but to their prospective future as well.

Embracing this change isn’t about trend-chasing but recognizing its essential role. Venture into the powerful realm of AI in business, and take charge of shaping your destiny.

Want to double the LTV of your existing customers and launch your own AI software in just 8 weeks? Head over to my LinkedIn for gems you won’t find anywhere else.

All the best,

-Adrian