Banks are banking on AI to get to know their human customers better

In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new report from Accenture. According to the report, Accenture Banking Technology Vision 2017, more than three-quarters (78%) of bankers believe that AI will enable simpler user interfaces that will help banks create a more human-like customer experience. In addition, four out of five respondents (79%) believe that AI will revolutionize the way banks gather information and interact with customers, and three-quarters (76%) believe that within three years, banks will deploy AI as their primary method for interacting with customers. "Consumers' diverse needs and priorities are forcing financial services firms to redefine how they interact with them to determine the best products and services to meet individuals' needs," said Alan McIntyre, a senior managing director at Accenture and head of the company's Banking practice. "AI-enabled tools can help banks identify consumer preferences and empower their workforces to react with insight and emotional intelligence, which is essential for the development of meaningful consumer relationships. The challenge will be how quickly banks can implement these new technologies, many of which are not compatible with their existing IT infrastructure."