AI will dominate banking and less interaction will create a more human experience, says Aspect Software

Advances in Artificial Intelligence (AI) technology will enable simpler user interfaces, which will help banks create a more human-like customer experience. The technology has become efficient in gaining extensive data analytics and customer insights, which will help banks to create a more personalised customer experience, according to Aspect Software. Four in five bankers believe AI will "revolutionise" the way in which banks gather information as well as how they interact with their clients, said the Accenture Banking Technology Vision 2017 report as customers are looking for a fast, efficient solution to their queries. The new report revealed that AI will become the primary way banks interact with their customers within the next three years, according to three quarters of bankers surveyed and also found that, while the number of human interactions in bank branches or over the phone was falling and would continue to do so, the quality and importance of human contact would increase. Stephen Ball, SVP Sales, Europe and Africa at Aspect Software, suggests that as the banking world continues to change with the adoption of new technologies, and a growing number of'challenger banks' and fintech providers emerging to shake up the established order, traditional banks are responding by improving their customers' experience.