The remote banking boom of the last decade, especially in the retail channel, has not yet led to the situation that the pandemic has led to. Yes, such service was actively developing, clients were actively involved in interaction with banks through online channels, the last years have passed under the slogan “Mobile First”, however, banks did not strive for 100% remote interaction with clients. A visit to a bank branch remained important and, in certain cases, a decisive factor. But recently the situation has changed.
Transforming the banking system with the help of AI
The outbreak of the COVID pandemic forced banks to take a decisive step towards completely remote customer service. The lockdown forced banks, as well as retail and many other businesses, to actively switch to a completely online service. Now getting a loan remotely, without visiting the bank, is a reality.
Authoritative experts examine the foundations for transforming the modern banking system into the AI-Bank of the future. They highlight key needs, necessary transformations, as well as actions necessary for both clients and the bank.
For a bank to thrive in a modern life where the expectations of tech-savvy customers are increasingly being shaped by the power of artificial intelligence and AI-powered analytics, it needs to overhaul its core technology and data infrastructure, embrace AI-driven decision making, and overhaul its approach to customer engagement.
It is noted that financial institutions that have relied on the development of artificial intelligence and analytics are easier to adapt to the modern format of a consumer-oriented system. AI technologies are becoming the main tools for creating value for banks and their clients. Therefore, financial services organizations need to shift their focus to advanced technologies and be able to take a personal approach to offering products and services with real-time scaling.
Clearly, traditional financial institutions will have to abandon their old legacy technology architecture and open up to a world of AI and analytics opportunities. If they decide to take on the challenge and start thinking in the direction of finding the best paths to transition to an AI bank, there are a number of key aspects that their management should consider. These are the lessons learned from the experience of leaders in the financial services market who are carrying out such transformations, including start up Sypwai.
The Need for AI Training
Analysts emphasize that in many institutions have already become the standard:
- omnichannel interaction;
- API to cover the growing cross-platform real-time information exchange;
- big data analytics to assess credit solvency;
- evaluating product usage and relationship expansion potential.
Indeed, one should especially note the requirement for omnichannel when building remote interaction between a bank and its customers. Without this, the bank’s remote business will always lag behind competitors. And without artificial intelligence, a business will not be able to provide the proper level of automation, resource optimization and service speed.
Banks, and the business in general, which is focused mainly on remote interaction with customers, see a huge effect from the use of an omnichannel neural platform and automation based on artificial intelligence. An omnichannel robot with such interaction becomes a full-fledged employee and one effectively replaces several employees of different departments with different functionality.
Such a robot is able to perform the functions of an operator, marketer, analyst and other specialists. Interacts with different customer segments – serves new and existing ones, searches cold databases, proactively identifies primary interest and accompanies the client online, works for retention and upsell. In the latter case, he analyzes transactions and, depending on the size, conducts them independently or transfers them to an operator, involving the most competent and experienced specialist.
It is impossible to imagine that one live operator could cope with all this range of tasks every day. Contact center operators each specialize in their own task: some conduct surveys, others are engaged in sales, others serve the advertising line, fourth call customers, and so on. When we put a robot in their place, it alone copes with all the above tasks, serving more than 80% of customer requests without involving an operator.
The current trend today is the creation of a chat bank based on artificial intelligence and speech technologies. At the same time, the chat bank ensures a safe level of operations, in particular, requesting, issuing and paying an invoice, and providing an extract.
In general, a virtual assistant eliminates the factors of human error. He responds as quickly as possible to client requests, adapts to the situation in the online dialogue, is proactive and constantly learns through extensive experience in communications and automatic analytics.
AI training is exactly what Sypwai does. The company’s specialists have created an appropriate platform for this, which everyone can use. Moreover, the AI training program developed by Sypwai is a good way to earn money.
Today, an ordinary person can take part in the training of artificial intelligence. To do this, you just need to go through the registration procedure on the Sypwai platform and start training artificial intelligence using simple logic tasks. It’s no more difficult than typing captchas, but much more fun. And you can also make money from it.
How to get started with Sypwai?
To cooperate with the company, you need to register on the sypwai.com website. To do this, you need to fill out a special form, where the user must specify:
- complex password
- telephone number
- E-mail address.
You must enter the code sent to the phone number and confirm the registration by opening a message from the sypwai.com administration in your mailbox. Dual registration using phone and email may seem inconvenient to some, but this is the best way to protect the user’s personal data.