AI-Powered Contextual Banking CX Requires a Radical Paradigm Shift

Though it's rarely discussed, its proper integration determines whether it will make customers' lives better than ever before OR become deadly dangerous if applied without human centricity. A radical paradigm shift is required to ensure that the hyper-personalization of AI banking is not compromised by a lack of expertise in AI, technology or customer banking experience. According to Temenos, 77% of banking leaders strongly believe that AI will be the biggest game changer of all advanced technologies. Amid the pandemic, 88% of customers expect companies to accelerate their digital initiatives, while 68% state that COVID-19 has elevated their expectations of brands' digital capabilities, according to Salesforce. We can see that, prior to COVID-19, experimenting with AI possibilities was more like a tick-box exercise to keep up with the slogan of innovation.