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.

Earlier,chatbots used to be a nice gimmick with no real benefit but just another digital machine to experiment with. However, they have evolved into an indispensable tool in the corporate world with every passing year. Developing and maintaining a chatbot is, of course, a time, effort and money draining job.

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.

Have you ever imagined – living a life without electricity? Ability to generate and use electricity changed the world completely. Today most devices around us run on electricity or electronic circuits. Does AI hold the similar potential of bringing human-like intuitive capabilities into services busines specially financial services? If data is considered new oil, then AI must equal electricity.

In the given unprecedented times, digital transformation is vital. One of the significant challenges is modernizing banks and legacy business systems without disrupting the existing system. However, artificial intelligence (AI) and machine learning (ML) have played a pivotal role in conducting hassle-and risk-free digital transformation. An artificial intelligence and machine learning-led approach to system modernization will enable businesses to associate with other fintech services into embracing modern demands and regulations while ensuring safety and enabling security. In the banking industry, with the growing pressure in managing risk along with increasing governance and regulatory requirements, banks must improve their services towards more unique and better customer service.

In 2020, customer experience is expected to become the main differentiator between brands. Already, nearly 90% of businesses say they're competing mainly on their customer experience. But unfortunately, 51% of consumers report that most companies aren't meeting their heightened expectations. The silver lining here is that there is plenty of room for your financial institution to break away from the pack and deliver banking experiences that are sure to please customers. Whether you're a legacy banking institution or are just breaking into this competitive sector, this transformative technology helps you reinvent your consumer banking experience to keep up with consumer demands.

In the face of growing competition, banks around the world are working hard to become the first choice of today's customers. Recent PYMNTS research indicates that 34.8 percent of banking customers would be interested in switching their financial institutions (FIs) if their branch experiences do not match their digital banking experiences. A digital-first approach to banking has become critical to survival, in other words. Customers want to be able to access a full array of services beyond the physical branch through a variety of touchpoints, including ATMs, Internet of Things (IoT) devices and contact centers. Many banks are, thus, taking a digital-first approach to remain relevant and agile, undergoing head-to-toe transformation.

If there is one industry in which advanced technology has made a significant impact, it's the finance sector. For years, the finance sector has been dominated by traditional, 'legacy' banks. Who've built a reputation for long, slow and tedious processes. But with the introduction of digital banking and fintech, there has been a shift and many banks have embarked upon their digital transformation journeys. One of the main reasons for this shift is artificial intelligence.

Emirates NBD will also use AWS data analytics, Internet of Things, Natural Language Processing, alongside other innovative technology as part of its continuing efforts to better engage with clients and simplify banking. A front runner in retail banking creation, Emirates NBD is working with AWS due to its wide and deep portfolio of cloud solutions and the increased security and controls Emirates NBD can reach from the cloud, and is continued to purchase AWS as its preferred supplier for machine learning workloads. With AWS, Emirates NBD will take additional advantage of AWS artificial intelligence and system learning solutions including Amazon SageMaker, a totally managed machine learning service for construction, training, and deploying system learning models to provide pertinent real-time banking experiences. To create a more profitable and customer centric banking expertise, Emirates NBD can also be leveraging Amazon Personalize, an AWS system learning service which allows the evolution of personalized recommendations to establish new personalized retail banking software. Among the first of those software is a personal finance manager which uses an automated, self learning system to deliver an extremely personalized banking experience to clients so as to predict what each individual client needs as well as match this with the most suitable solution.

Diego Caicedo is the Co-Founder and CEO of OmniBnk, a neobank that provides financial services to small businesses in Latin America. Artificial intelligence and machine learning are said to revolutionize the financial world, changing the banking experience for the better. The implications of the technology are vast, though most banks are still in the early stages of adopting AI technologies. A survey by Narrative Science and the National Business Research Institute found that 32% of financial services executives confirmed that they are already using AI technologies such as predictive analytics, recommendation engines, and voice recognition. One major hindrance to AI adoption is legacy systems.