American Banks Lead the World in Preparation for AI Challenge

by PaymentsJournal 0

NEW YORK, Nov. 30, 2017 /PRNewswire/ — US banks are the most prepared to handle the potential disruption of AI, topping a list of 19 countries including the UK, Japan and Hong Kong. Research from UBS ranks American banks JP Morgan and Bank of America highest in a list of 86 banks for the strongest AI plays.

But banks can realize the benefits of AI and automation to improve interactions between staff and customers, says Intelenet® Global Services, whose tech innovations for banks have seen them win recognition in the 2017 IDC Fintech Rankings.

Tony Antenucci, VP of Banking, Financial Services and Insurance for Intelenet® Global Services, comments: “The way customers interact with their bank in the US is changing, as branches close down and more people switch to online banking, communicating through contact centres via phone or online if they need more help.

“Keeping up with new technology is vital to keep the processes behind these operations running smoothly, and maintaining a sense of relationship between banks and their customers. AI tools can help personalize banking for the customer, and automated processes free up staff to focus more on customer service.

“For example, voice-recognition programmes can automatically recognize an individual by their voice, predicting the subject of a call before the customer has to explain it. Each customer can be automatically sent to the right department, or the person they spoke to before, without having to be passed between contact staff.

“This dramatically improves the experience for the consumer. One leading bank was able to reduce the average handling time for customer calls by 40 percent.

“Banks will need to keep up this lead in innovative technology, to fend off growing competition for customers from Fintech challengers.”