How AI betters the banks and finance firms?
With emerging technology and ever-changing relationship between businesses and consumer, the banks and financial firms are looking towards AI to engage and understand with their customers in a new way. The financial firms and businesses embrace the digital growth and continue to widen. As leading banks are experimenting the tech as an opportunity. So as the conventional finance and banking also compete on global stage. Artificial intelligence and mobile applications are able to serve the customers and ultimately deliver results.
Genpact Research Institute advice the banking and finance sector should implement the four ways to make out of their investment in the digital space.
Leverage analytics the smart way
Assessing the smart data is the direct way to reach the customer. However, intuitive approach is crucial. The way to harness the information to the user behavior and growing trend, fine-tunning operations, uncovering new insights are the smarter decision which meet business goals. It means to utilize the information that is actionable and inspired by the customer themselves.
From mobile-first to AI-first
Modern banking is in the stage of revolution. Banks are already updating their former manual processes to tracking data, which not only save time but also maximizing cost benefits. Machine learning is developed to improve fraud detection and smarter customer services to take feedback of the customers.
Integrating customer facing and back end of business
The front end of business is the consumer daily interaction, while back end is the internal working of the institution is the holistic approach through AI. It gives the transparent view how the company deliver its promise.
Lowering costs and increasing ROI
AI engages customers’ intelligence with smarter-decision making ability by the company and significantly saving costs. AI assists interaction which the customized, intelligent products. The AI based platform connects the legacy system and new technologies. Moreover, it results in higher ROI, flexibility and accelerate the developments.