Will Digital Assistants Benefit the Banking Industry, A Deltec Bank Perspective

October 14 17:16 2019
Will Digital Assistants Benefit the Banking Industry, A Deltec Bank Perspective

Deltec Bank
Employees in the banking industry are often responsible for repetitive tasks that require massive time commitments. As the banking industry moves toward the creation of virtual assistants that use AI, workers can transfer their administrative roles to digital colleagues to focus on creative work instead. – Deltec Bank

The banking industry is making massive strides as it drives innovation by investing in new technologies. Financial institutions are often ahead of the curve when developing improved user experiences. That process is occurring once again because of the improvement of digital assistant technologies.

AI-powered interfaces are already gaining market acceptance in the banking industry. That means the early adopters in this area will need to begin building a hybrid workforce that meshes the intuition of humanity with the logical processes of accepted tech to create the next evolution of service.

How Artificial Intelligence Drives Innovation

Employees in the banking industry are often responsible for repetitive tasks that require massive time commitments. As the banking industry moves toward the creation of virtual assistants that use AI, workers can transfer their administrative roles to digital colleagues to focus on creative work instead.

This combination of humanity and technology allows employees to focus on complex queries while improving the efficiency of repetitive tasks.

Digital assistants are available around-the-clock. The banking industry can provide them through several different channels simultaneously. That means customers can contact institutions by email, phone, or chat at a time that is convenient for them.

Banks that use chatbots are already finding that it gives them a competitive advantage over the institutions that aren’t using this technology. Digital assistants will benefit the industry in the same way.

Why Are Digital Assistants the Future of Banking?

Chatbots provide programmed support based on expected consumer responses. Upgrading to a digital assistant offers an opportunity to create more cognitive intelligence capabilities. Their presence makes it possible to perform automated tasks that go beyond a simple transaction.

Digital assistants can help consumers navigate a mortgage application. They can provide individualized wealth management advice. The interface can even process multiple requests from the same customer without the need to start over.

This technology allows customers to communicate by voice or text to get answers to their questions quickly. It is a single channel solution that enables people to manage all of their banking needs, ranging from a money transfer to a travel alert. As conversational AI integrates with this tech, banks can push toward higher operational efficiencies.

Do Digital Assistants Provide Better Security?

The presence of digital assistants in the banking industry allows for real-time data mining. This action can improve customer security as most AI tools include built-in privacy solutions as part of their design.

This technology can identify an irregular payment immediately. It can flag potential transactions or activities for humans to review for authentication. As the machines continue to learn customer habits, their services will improve over time so that banks can offer more services at lower costs.

Digital assistants can even stay in the conversation when needing to pass along an unrecognized request so that it can provide the service automatically in the future.

The future of retail banking will involve digital assistants. The banks that are leading the way in this technology area are the ones that thrive in today’s competitive environment. Those who can find innovative breakthroughs in this area will become tomorrow’s financial industry leaders.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

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Country: Bahamas
Website: https://www.deltecbank.com/

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