Putting trust in chatbots » Banking Technology

Artificial intelligence (AI) interfaces and chatbots could be revolutionary for financial institutions – but only if they strike the right balance between human and machine interaction, argues Jeremy Pounder, futures director at Mindshare. AI is changing the banking industry as we know it. Already, banks are using AI within everyday payments, money management and digital self-service. For instance, voice recognition technology is being used by the likes of Barclays as a form of secure ID for telephone banking customers, while challenger institution Atom Bank allows its customers to log on via a facial recognition system. AI's advanced natural language processing and machine learning means it can generalise large data sets and detect and extrapolate patterns in order to create new solutions and actions.