There’s something major going on in the world of technology. If you haven’t been paying attention, you might think it’s still in the realm of science fiction. It’s not.
AI is here.
Or at least, certain aspects of AI are here. And it’s already entering the financial industry. If you don’t want to get left behind, we’ve got a couple suggestions about where you might want to look to get started.
Using AI for Customer Service
One of the areas that AI is performing well in already is with initial customer service tasks. Any time a customer or member needs a quick answer, a computer might be able to answer faster and more reliably than a human.
Using natural language processing (NLP), AI can interact with voice and text, making it ideal for chat functions. Simply putting a sophisticated chatbot on your site can do wonders (and reduce reliance on your call center).
In case you think current chatbots are anything like their past counterparts, let’s dispel that now. They’re not. Gone are the days of ELIZA, PARRY, and even SmarterChild. Currently, many chatbots can reasonably approach Turing Test-levels of conversational fluency.
So, if you’re looking for a place where your bank or credit union can start to use AI, chatbots are a quick win.
Using AI for Analytics
AI, or basically any machine learning application, excels at finding patterns, categorizing data, and making predictions from it. That makes it a perfect engine for anything that relies on accurate knowledge and data.
For example, AI can find patterns to detect credit card fraud. Or it can determine which customers or members are good fits for your newest promotion. We use it to identify recurring transactions, and build valuable insights that give cardholders more power over their subscriptions and payments, and give institutions a unique look into their cardholders’ loyalty and spending.
But if you like to make decisions based on information (highly recommended over the alternative), then machine learning is right for you. Banks and credit unions can use AI to figure out who their “power users” are and which card holders are their most profitable. Then, they can use that information to see who to market to and how.
The Time to Start Is Now
The time to get involved in AI is now. Banks and credit unions using AI have a major head start over their peers and competitors. Don’t believe us? Think about it this way:
Did the first retailers to leverage ecommerce have a leg up?
Yes. Yes, they did. And it doesn’t matter if your institution doesn’t have the resources to create its own AI solution. There are dozens of vendors, partners, and third parties who would be more than happy to help you get started.
So, if you haven’t yet started to think about bringing AI into your bank or credit union, then it’s time to start.
We write a lot about how your financial institution can empower its debit and credit card holders. But we also like to write about the intersections of finance and technology.
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