The trend: As artificial intelligence (AI) is integrated into digital banking, chatbots could become the bridge connecting the technology with human interaction. Chatbots on the rise: Digital banking has shifted interactions from in-person at branches to online, leading banks to re-envision their communication with customers. One widely adopted medium is chatbots. As of early 2020, 13% of banks and credit unions had a chatbot, and another 16% were planning to introduce one in 2021, according to Cornerstone Advisors. Today chatbots perform simple tasks, like providing an account balance or instructions for mobile deposits.

What technologies are on your business radar right now? When I put this question to colleagues working in different industries, the answers usually tend to be AI or AR. We tend to agree but what about voice? While emerging technologies like Artificial Intelligence, or VR have the potential to (literally) change the world around us, they're not yet part of our daily lives. According to Google, 20% of all searches are voice.

Businesses in all sectors are embracing artificial intelligence (AI) as it allows them to quickly derive greater insights from the rich customer transaction data it provides. And consumer sentiment about businesses' use of AI is quickly changing. In fact, Genpact research found that the number of consumers that were comfortable with companies using AI to access personal data - if it improves their customer experience - jumped from 30 percent in 2017 to 54 percent in 2019. On the one hand, it means their customers are far more open to technology helping them better their financial situation by learning, for example, areas in which they might be able to save money every month. On the other hand, customers may feel their privacy has been invaded if they receive pop-up offers for financing options while they're in the process of buying a home.

Businesses in all sectors are embracing artificial intelligence (AI) as it allows them to quickly derive greater insights from the rich customer transaction data it provides. And consumer sentiment about businesses' use of AI is quickly changing. In fact, Genpact research found that the number of consumers that were comfortable with companies using AI to access personal data - if it improves their customer experience - jumped from 30 percent in 2017 to 54 percent in 2019. On the one hand, it means their customers are far more open to technology helping them better their financial situation by learning, for example, areas in which they might be able to save money every month. On the other hand, customers may feel their privacy has been invaded if they receive pop-up offers for financing options while they're in the process of buying a home.

The financial sector is competitive, dynamic and constantly evolving. In order to thrive, banks must think innovatively and act deliberately -- particularly when it comes to implementing Artificial Intelligence (AI) into their operations. AI systems automate transactions and user engagements at scale, and bring efficiencies throughout a financial value chain, including mitigating risk and maintaining compliance and improving customer-facing services. In this post, we delve into some ways AI can grow a bank's business by making banking services more intuitive and personalized, and by providing more services than what's currently available. AI-fueled virtual agents (VAs) like Amelia provide banking customers with enhanced services via 24/7, queue-free and multi-channel access to personalized information.

When you consider the timeline of artificial intelligence (AI), the emergence of the technology as a viable means to automate retail banking services has only come about in the last few years. Progress with machine learning algorithms, increases in computing capacity coupled with decreases in cost, as well as the generation of vast amounts of data have made the development of conversational AI possible. Many banks are only beginning to use this technology now, but over the coming years we are going to see a proliferation of AI-powered banking assistants. The first modern conversational AI-powered virtual assistant came in the form of Apple's Siri, which was introduced as a feature on the iPhone 4S in 2011. Today, Siri is used by 500 million monthly active users around the world.

HSBC is making plenty of noise about having spent $2.3 billion on improving its artificial intelligence (AI) and digital capabilities around the globe. WeChat is an "important part of our digital strategy" In an interview with South China Morning Post (SCMP), Vivek Ramachandran, head of growth and innovation for HSBC global commercial banking, said that between 2015 and 2017 the bank created new platforms and partnered with technology companies such as Tencent's WeChat. "We have found that an increasing number of clients like to use new technology to conduct bank transactions in a secure and transparent way," says Ramachandran, aka Captain Obvious. In the interview, Ramachandran says HSBC has allocated $200 million globally for investment in fintech and enterprise start-ups. He called WeChat an "important part of our digital strategy".

With increasing diversity in the banking customers' age groups, needs, values, priorities and perspectives, banks interact with several'generations' of customers. Multigeneration banking evolved from the need for providing personalized and unique experiences to a variety of customer segments. Changing demographics, incomes, attitudes and behaviours along with instant availability of information have empowered the banking customer to demand better choice, high quality service, instant response and transparency. Banks are exploring super customized customer experience methodologies to retain existing customers and attract new ones. As a technology, AI has been helping banks interpret precise customer preferences to help them further personalize products and services.

From phone support and mobile apps to ATMs and chatbots -- when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction. That's something that Soul Machines, a New Zealand-based startup, is hoping to change. The company's new technological development is intended to bring back the human component to customer service without relying on actual people. To meet this goal, Soul Machines is producing artificial intelligence-powered avatars that are designed to emotionally engage with banking customers.

Leveraging the power of artificial intelligence (AI) and the surging popularity of messaging apps, conversational interfaces are enabling unprecedented banking engagement and re-establishing relationship banking. Chatbots are a simple, lightweight solution to a host of legacy banking problems, giving progressive banks and credit unions a competitive industry edge. The arrival of the digital age has disrupted the retail banking industry and altered the relationship between banks and their customers. Where banking once meant interacting with customers in brick-and-mortar branches, new digital banking channels like websites and mobile apps have opened an entirely new way to reach customers and do business. Online and mobile banking have allowed banks to reach customers more easily and frequently, and have given customers unprecedented access to their financial information.