Banks that had not invested much in digital transformation are now, with COVID-19 on the scene, wishing they had. Digital automation has become a necessity to provide financial products and services in a socially distant world, and smart banks are making the most of the many technologies at their disposal. Speed, agility, personalization, security and, of course, cost savings are positive reinforcements to the financial industry’s push to transform itself.
Human beings are wary of machines, especially when entrusting them with the most important aspects of their lives, such as finances. But as machine-learning and artificial-intelligence technologies become more sophisticated, learning from human brains, they are proving that when programmed correctly, they offer a wide range of advantages, especially in banking. The more human beings use them, the more successful they become in achieving what they were created to accomplish.