Banks once were the movers and shakers of the financial world, but in the aftermath of the global financial crisis, mired in new regulations, many have lagged behind rising fintechs in technological innovation. What fintechs have discovered is artificial intelligence’s considerable contribution to meeting customer needs and maximizing operational efficiencies. Now that the regulatory climate has eased, banks are catching up and employing carefully implemented AI to help them achieve their customer-centric goals.
There’s no doubt that first impressions matter—that’s why those initial contacts potential customers have with banks can mean either a long-term, happy marriage or a quick divorce. Banks have a lot to lose in getting their onboarding processes wrong, and a lot to gain in getting them right;