Accenture report predicts AI will dominate banking

Survey says AI will replace most human aspects of banking functions over the next three years.

According to a new report submitted by global professional consultancy services company Accenture, the next three years will see artificial intelligence (AI) completely taking over the finance, and more specifically, the banking industry. Three quarters of the bankers surveyed while compiling the report predicted that in the coming years banks would be using AI more and more to interact with customers as a means to better understanding their unique needs, emotions, and intentions.

The Accenture Banking Technology Vision 2017 report certainly does seem to have the right idea, as a number of banks have already started using chatbots to answer and address their customers. The report, which took into account the opinions and views of more than 600 top bankers and other experts in the tech industry, saw four out of five bankers predict that the entire information gathering process of banks will be revolutionised by AI in the near future.

The ironic part, however, is that the majority of the people consulted feel that instead of a completely automated, mechanical process, the utilisation of AI in banking will actually give the customer experience a much more human feel and touch. The assumption is based on the fact that AI will enable better and more accurate data gathering, along with personalisation capabilities using simple, easy to use interfaces, which would all come together to make it seem like a customer’s experience has been completely tailor made and adjusted according to his own needs and preferences.

A similar survey conducted by Accenture earlier had found that customers are actually quite willing to accept AI and robotic services in their banking activities. Additionally, with AI becoming more and more developed, they are able to replicate human emotions and dialogues almost perfectly. This will make it a much better option in comparison to the do-it-yourself methods, done by logging on to the bank’s website, essentially providing a seamless, customised experience with almost near-human interaction and understanding.

Concerns, however, still remain, as data privacy and security continues to be a big issue, especially in the face of such extensive and detailed data gathering processes being implemented. Additionally, in spite of being the minority faction, one in three customers still finds human interactions preferable to an automated, AI one.

The impact of AI dominance would also affect the human aspect very differently. While an increased integration of AI would lead to a steady fall in human interactions, the standard and significance of the human roles would become greater. AI handling simpler, more basic tasks would lead to a reduction in expenses and costs, while providing a storehouse of detailed information. This would help banks not only know customers better, but also help them provide the expert service and advice customers need. 

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