Experts from Amazon, Google and Microsoft will come to Banking 4.0 powered by Worldline to present Generative AI solutions in banking. From account inquiries and account management, moving forward to loan applications, credit score monitoring and financial advice, to fraud prevention.
An Accenture study found that 91% of consumers are more likely to buy from brands that recognize, recall and provide relevant offers and recommendations. To secure a primary competitive advantage, the customer experience should be contextual, personalized and tailored.
And this is where AI will become the breakthrough technology that supports this goal. According to a survey from The Economist Intelligence Unit, 77% of bankers believe that the ability to unlock the value of AI will be the difference between the success or failure of banks.
Alex Kreger, UX Strategist & Founder of the financial UX design agency UXDA said:
AI will impact the user experience in the banking industry in multiple ways.
First, they can analyze customer data to understand their preferences and needs and use this information to provide personalized customer service and support to users by addressing their queries and concerns in real-time. Banks could also use AI models to provide customized financial advice, targeted product recommendations, proactive fraud detection and short support wait times. AI can guide customers through onboarding, verifying their identity, setting up accounts and providing guidance on available products.
Second, AI can automate many routine tasks, such as account balance inquiries and password resets, freeing customer service representatives up to focus on complex issues. It could increase efficiency and reduce costs for banks while providing faster and more accurate customer support. And all of this would be available 24/7, making it easy for customers to get help by answering questions, resolving issues and providing financial education outside of regular business hours.
Third, companies could leverage AI to provide a conversational banking experience by integrating models with banking applications to provide a single point of contact for users to make transactions, view account information and receive alerts through the chat or voice interface in multiple languages. It could simplify the user experience and reduce the complexity of banking operations, making it easier for even nonnative speakers to use banking and financial services worldwide.„
So, there are obvious use cases for AI and large language models (like ChatGPT) in banking. Come to Banking 4.0 and attend the workshops presented by experts Amazon, Google and Microsoft to learn how generative AI can help shape the bank of tomorrow.
The experts that will present at Banking 40:
Dragos Madarasan – Solutions Architect Team Lead at Amazon Web Services
Dorian Camil Hodorogea – Customer Engineer for Data Analytics in CEE at Google
Sorin Peste – Cloud Solution Architect, Data & AI at Microsoft
Make sure you don’t miss the opportunity to meet experts to find answers to your questions. Book your place here!
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: