While COVID-19 is decimating some industries, it is giving a boost to others, including the employment of artificial intelligence in the banking industry. As customer access to human staff is curtailed with disruptions such as branch closures, well-configured chatbots and virtual assistants are stepping up to the plate. And the banks that are best equipped for AI implementation are enjoying such advantages as cost savings along with improved customer experience.
Artificial intelligence, once the subject of science-fiction novels, is today regarded by financial institutions as a must-have. But the AI uptake can be challenging. How can banks turn this trendy buzz-term into a vital component of their day-to-day operations? The embarkation point is to begin the five steps toward making AI innovation a reality. From data to teams, the necessary resources are there to propel a bank into AI actualization.
Some banks act as bulwarks in turbulent times; Ecuador’s Banco del Pacífico has been there for its customers through thick and thin for just under half a century. But this progressive bank, dedicated to enhancing the customer experience, has gone beyond anchoring to steering Ecuador’s, and indeed Latin America’s, financial industry into the virgin seas of digital transformation. Its loyal customers have responded to this ahead-of-the-curve bank with wholehearted approval.
As the landscape of financial services continues to change, it’s critical to stay ahead of the game. ATMs were groundbreaking achievements once upon a time, while more recently, mobile baking was the logical next step in banking’s maturation.