AI, a bane for traditional financial services, a boon for fintech: Capgemini report

Covid-19 has catalysed financial services organisations to harness Artificial Intelligence (AI) to improve customer experience (CX), says a report published by the Capgemini Research Institute. However, financial services firms' implementation of AI at scale is the lowest across all industries, and where AI has been deployed, there are still some customer expectations that are not being met -- with half of the customers saying they receive no value from AI-enabled interactions. The report, titled, Smart Money: How to drive AI at scale to transform the financial services customer experience, revealed that the deployment of AI to improve the overall CX has grown significantly in the financial services industry in the past three years. Nine in ten (94 per cent) organisations say that improving customer experience is the key objective behind launching new AI-enabled initiatives. Just over half of customers (51 per cent) have daily AI-enabled interactions (like talking to a chatbot) with banking and insurance firms.