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Overall, there is a widespread agreement that businesses are poised to invest in AI over the next two years – especially in France, Germany, and the Netherlands as indicated by recent findings from Sapio Research. However, the high usage of AI by individuals does not necessarily indicate the extent of digitalization within their businesses. Indeed most organisations report being relatively early in their digital transformation journey.
AI is an investment priority for 1 in 5 businesses.
- Sapio Research Finance Pulse, 2024
Especially as the financial industry experiences rapid transformations, banks and credit unions often find themselves challenged to stay abreast of the swift advancements in technology to enhance their customers' digital journey.
Leveraging generative AI, OCR, Chatbots to enhance your financial services
Financial institutions like banks and credit unions have the opportunity to significantly enhance their operational efficiency and boost revenue through strategic investments in cutting-edge technologies such as Artificial Intelligence, task automation, and optical character recognition (OCR).
These technologies will improve both their ability to attract new clients as well as their ability to satisfy already existing ones.
Digital users are no longer prepared to put up with the inconvenience of paper-based apps and tedious procedures. They anticipate being able to complete onboarding with ease in a digital setting and submit all the necessary paperwork for AML and other ID checks during a smooth, end-to-end journey. OCR and artificial intelligence can speed up the process and make it a seamless experience.
1. Artificial Intelligence
Artificial intelligence (AI) has the ability to automate every aspect of digital banking. It can carry out a number of onboarding duties that previously needed human employees, like data entry or creating user profiles.
Artificial intelligence (AI) can also gather data and insights to constantly improve journeys by identifying bottlenecks and points of friction. This type of technology can save time and money while allowing staff from Banks and Credit Unions to focus on more demanding tasks.
Yet, generative AI seems to have the most potential in the front-end side of business banking, resolving simple problems or helping with basic tasks.
2. Chatbots
In this new digital era, financial institutions must deliver personalized and around-the-clock customer service accessible across all platforms and devices. This is where the dynamic presence of chatbots comes into play, offering seamless assistance at any hour, transcending traditional office hours, and accessible through various channels to meet the client's needs instantly.
Artificial Intelligence presents an innovative avenue to provide customers with unparalleled levels of personalized shopping experiences. While this path is relatively uncharted territory, current customer receptiveness towards extensive engagement with AI chatbots remains a challenge.
However, caution should be exercised by banks and credit unions when implementing AI to assist banking users. Customers may quickly become frustrated if they are unable to speak with a human and may be less inclined to trust the advice they receive.
Financial institutions should not solely rely on Gen AI but should also ensure easy access to human interaction to prevent banking users from feeling frustrated when engaging with a chatbot. This careful approach is essential to maintaining customer trust and satisfaction.
3. Optical Character Recognition and Natural Language Processing
In this digital age, computers can now easily comprehend human writing or voice thanks to a process called natural language processing (NLP). This can be used to scan papers or run virtual assistants that can comprehend clients' words in their native language.
OCR technology has been instrumental in transforming the banking industry by improving efficiency, accuracy, and customer experience by automatically reading uploaded identity papers like passports and other banking documents.
Thanks to AI-enabled document extraction, it is possible to scan data from handwritten application forms and extract that information to digitalize it. This eliminates the need for manual data entry and speeds up the processing of transactions. Financial institutions can significantly reduce customer turnover with the implementation of such advanced technology.
Discover more trends and read the full report here
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