Banking isn’t really about money: It’s about people. People are be money, yes, but to build a successful career in banking, you must be able to build trusting relationships with clients.
With that, AI can help, creating new ways to make relationships flexible and productive. However, banks need to be aware that AI does not replace humans in that relationship. Here are nine ways AI can help banks be more productive and create better customer relationships.
A sleepless narrator
Your customers don’t keep banker’s hours, so you can’t just close and go home at 5pm. That’s expensive, though: Running a 24-hour call center is complicated, and outsourcing can damage customer relationships if done poorly. AI can help: Services like Interface.ai can create AI agents that are always available, polite, and speak the same language as your people, because they can be trained on their job. They can work via text chat, voice, or email to answer customer questions on their schedule at a low cost to you.
Staff support
Don’t forget that AI can work in another way too: Consider building a chatbot that can work with your employees, quickly answer questions they have about the process, the process, and who should ask for more information. Services like Notion and Kasisto can take information from your internal documents and present them in new ways that make them more effective.
Helping hand with back office tasks
The same is true for your back office: AI is good at handling all the mundane tasks of entering data, creating reports, filling out regulatory paperwork, and other boring stuff. Companies like Objectway offer solutions that use AI to manage many of these small banking and wealth management services.
An ever-present helper
When you meet with a client, you want to keep notes, but no one likes to take notes. Zocks.io offers an interesting alternative: It takes note of an AI designed for financial professionals. That means, unlike traditional note takers like Otter.ai, you don’t need to train it to understand your language, and it already has the appropriate security certifications (SOC 2). When a meeting is completed, it automatically generates a summary and creates follow-up and action items. All of this is automatically stored in your CRM system.
Although this may be lost after the election, the White House recently announced that it is looking to close chatbots and AI “doom loops,” where customers are trapped in an endless cycle of pushing-this-button-and-this-button. Their thinking is sound: Many companies see chatbots and AI as a way to alienate customers, replacing real people with bots that don’t have real answers. Remember: Customers are not stupid, they know and remember when a system is designed to confuse instead of help.
Help with incoming papers
New customers often say one thing: paperwork. Especially if they are from another company that just sends you a bunch of paperwork. Feed it to an AI-designed Intelligent Document Processing (IDP) from a service like Eigen Technologies, which can ingest, read, categorize, and deliver it to your systems.
Giving new ideas to risk
In an uncertain world, banks must manage risk. That requires information, which tends to change daily. While it’s almost impossible for humans to follow this, the AI loves this kind of challenge. The Department of Homeland Security, for example, has a program called FloodAdapt that uses AI to help create new maps for flood risk analysis and prediction using the latest machine learning and modeling tools. So is fire: DHS is working with UC San Diego to apply AI analysis to wildfire data collected by firefighters themselves in California in a program called WiFire, which uses this data to generate new fire risk maps for the San Diego area. .
A tool to see where customers are—and will be
Credit reports are at the heart of the bête of banking: They give a good indication of where your customers are, but they don’t tell you where they will be in the future. And customers remember: Nobody likes a bank that is only useful when you have money. AI can provide a way to look beyond credit scores by using multiple sources of data to provide a more nuanced view of credit risk.
Speaking the language of your customers
Managing a multilingual help desk can be an expensive business, but AI makes it easier. Systems like Microsoft Conversational Language Understanding can speak multiple languages: Microsoft says it can work in up to 96 languages around the world. This is not just a translator that works without context: You use the scripts of your employees and customers to train the system to respond as they do, but in different languages.
A better way of customer feedback
Marketing people like to call this sentiment analysis, but the idea is simple: What are people saying about you online? Honestly, it can be stressful business, but services like Alchemer Pulse and Qualtrics XM make it easy, using AI to listen to likers, haters, and trolls and analyze what they’re saying.
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