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

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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.


Bankers Believe Artificial Intelligence Is Key to Creating a More-Human Customer Experience, According to Accenture Report

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NEW YORK, LONDON & HONG KONG--(BUSINESS WIRE)--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 (NYSE:ACN). The report, Accenture Banking Technology Vision 2017, draws on the analysis of an advisory board of more than two dozen individuals, interviews with technology luminaries and industry experts, and results of a survey of more than 600 bankers. According to the report, more than three-quarters (78 percent) 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 percent) believe that AI will revolutionize the way banks gather information and interact with customers, and three-quarters (76 percent) 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.


Bankers feel AI is key to enhancing customer experience: Accenture

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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 (NYSE: ACN).


The benefits and use cases for blockchain technology in banking

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Blockchain, while still relatively new to the financial space, is seeing interest from around 90% of banking sector executives, according to a new study on the potential of the technology in the industry. Intra-bank cross-border transactions are regarded as the most likely payment system to see blockchain implementation, followed by cross-border remittance and corporate payments.


5 Pivotal Technology Trends in Retail Banking

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Where once banks and credit unions routinely left technology to specialists, the subject now has become elevated to the highest-ranking issue impacting retail banking. Research by The Economist Intelligence Unit (EIU) for Temenos finds that coping with new technology is the top concern of retail bankers, ahead of changing consumer behavior, political and economic instability and dealing with bad loans, among other factors. No institution can afford to ignore the combination of new competition from fintechs and big technology companies, multiple new technologies, and soaring consumer expectations is bringing unprecedented change to retail banking that And few are ignoring it, as the EIU survey indicates. However, the how quickly and how extensively organizations respond varies sharply by institution and sometimes even by country. In a study of 161 publicly traded banking institutions around the world, Accenture found that just over half are "digital laggards," with no plans to go digital or just "half-hearted efforts."