In this paper, we introduce a novel system designed to enhance customer service in the financial and retail sectors through a context-aware 3D virtual agent, utilizing Mixed Reality (MR) and Vision Language Models (VLMs). Our approach focuses on enabling data-driven and empathetic interactions that ensure customer satisfaction by introducing situational awareness of the physical location, personalized interactions based on customer profiles, and rigorous privacy and security standards. We discuss our design considerations critical for deployment in real-world customer service environments, addressing challenges in user data management and sensitive information handling. We also outline the system architecture and key features unique to banking and retail environments. Our work demonstrates the potential of integrating MR and VLMs in service industries, offering practical insights in customer service delivery while maintaining high standards of security and personalization.

Artificial Intelligence is creating a buzzword with a significant aspect in the Finance sector. The financial sector around the world is trying to adopt & implement AI in its finance service capabilities. Exponential growth in the finance sector is measured in the last few years using Predictive Analysis. AI/machine learning technologies are helping bank business services to engage their potential customers. The rising popularity of messaging apps and the higher demands of customers in the banking, health, or wellness industry is giving chatbots a boost.

In today's market, automation in banking has become a crucial factor for banks to remain competitive. Banks are leveraging automation to offer personalised services to customers, reduce operational costs, and improve the speed and accuracy of their processes. Automation technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) are being used to automate repetitive and time-consuming tasks such as data entry, account opening, loan processing, and customer service. One of the significant benefits of automation in banking is improved customer experience. Banks are using chatbots and virtual assistants to provide 24/7 customer service, allowing customers to get instant assistance without having to wait for a human representative.

Artificial intelligence is changing the dynamics of businesses and the banking system is no exception. From mobile banking to customised customer service, the role of AI technology is transformational. The hassle of standing for long hours to get banking services is slowly becoming a thing of the past for retail consumers. Consumers' desire to reach banking services from the comfort of their homes has increased the demand for mobile banking. A recent study by Insider Intelligence showed that more than 45 percent of respondents considered mobile banking among the top three features that influence their selection of financial institutions.

ChatGPT in banking could fuel new types of products, more personalized and more connected to users, so this case study explores an actual experience with AI-powered conversational banking design. Visionaries from BELLA and technical masterminds from LivePerson approached UXDA with a mission to infuse love and empathy into finance through a conversational banking app. It was a challenge to create a banking experience that feels more like a conversation with a friend than a traditional banking transaction, fostering an emotional connection between users and the service. As a leading provider of AI-powered customer engagement solutions, LivePerson has established a reputation for pushing the limits of human-computer interaction through their cutting-edge conversational solutions. In 2022, Fast Company ranked LivePerson #1 on its World's Most Innovative Companies in Artificial Intelligence list, as well as #21 on its overall World's Most Innovative Companies list.

The last decade has seen around 400 launches of licensed neobanks, 1 1. "Simon-Kucher introduces the Global Neobanking Radar database to rank and track challenger banks and their path to profitability," press release, Simon-Kucher, May 27, 2022. Incumbent banks, nonbank challengers (such as fintech players), stand-alone digital attackers, and large consumer and payments platforms have all launched neobanks in recent years, making the competitive pool increasingly vast and diverse. The term neobank has been used at least since the mid-2010s to describe fintechs that are challenging traditional banks by providing an increasingly comprehensive suite of banking services (as opposed to just payments, personal financial management, etc.) through innovative and low-cost digital channels. Depending on geography, these institutions have also been called challenger banks, virtual banks, digital banks, online banks, and internet-only banks. Over the years, the definition of neobank has expanded and blurred. Many traditional banks have launched their own exclusively digital plays, and fintechs have partnered with traditional banks to provide banking services.

Artificial intelligence in the banking sector makes banks efficient, trustworthy, helpful, and more understanding. It is strengthening the competitive edge of modern banks in this digital era. The growing impact of AI in banking sector minimizes operational costs improves customer support and process automation. Besides, AI in banking also helps users to select loan amounts at an attractive interest rate. The AI technology in the banking sector allows banks to update processes automatically and work under existing regulatory compliance. In this blog, we briefly explained a few core use cases of Artificial Intelligence in the banking sector. Let's have a look into What AI can do for the banking sector?

The popularity of mobile banking services is on top of in-branch banking systems. Nearly 75% of bank account holders are installing banking apps for instant money transfers, checking balance and loans dues, or requesting banking services online. Thus, mobile banking apps are facilitating a convenient and comfortable experience for the users. But, the cyber intruders on the other side are very eager to create opportunities from online banking services. Mobile banking applications are the best platform for intruders to hack bank accounts or theft sensitive banking information of the users.

Technology has been a major disruptor in the way banking was done just a few years ago. While the pandemic accelerated the adoption of technology across industries and sectors, our dependence on these advancements has been magnified to a great extent. For example, the recent Annual Report 2020-21 of Reserve Bank of India shows, the total digital transaction volume in 2020-21 stood at 4,371 crores, as against 3,412 crores in 2019-20, attesting to the resilience of the digital payment system in the face of the pandemic. As these technological advancements continue to disrupt the traditional ways of banking, we see a whole new spectrum of newer and faster banking solutions. Online deposits, mobile wallets, e-bill payments, and so on have fundamentally become a norm for how financial transactions are carried out nowadays.

DBS Bank plans to hire 150 developers and engineers skilled in artificial intelligence (AI) and blockchain through its Hack2Hire programme. Into its fourth edition, Hack2Hire is a virtual hackathon where participants are required to solve a range of business and technology problems that will test not only their technical competencies, but also their approach to problem solving and teamwork. Successful candidates will be invited for a final interview during the same event. Hack2Hire was last organised in 2019 and was put on hold last year due to the Covid-19 pandemic. DBS has hired around 120 people from the previous three runs of the programme.