BANKING
Ville Sointu AI and ML are still in their early stages when it comes to their applications in financial services ( FS ). Currently , AI excels at efficiently sifting through mountains of data , making it a valuable tool for fraud detection and first-generation robo-advisory services .
Notably , this year we ’ ve seen how GenAI has begun to reshape the “ front office ” of FS by enhancing customer service capabilities through supporting tools that can provide much better situational awareness to customer service agents in call centres , resulting in reduced operational costs .
In 2024 , as AI and ML continue to proliferate , the industry will focus on refining and advancing these use cases . Expect to witness the emergence of more dynamic , AI-assisted customer service agents with “ superpowers ” that will work in tandem with human agents to ensure high-quality , efficient and compliant customer service .
This will be done with the power of realtime analysis of every customer interaction and suggested next action-type activities . AI will also be able to monitor for compliance and data protection in real-time .
It is crucial to note that all this must – and will be – done in a privacy-preserving way , where no sensitive data is stored or exposed to anyone who the customer doesn ’ t give consent to .
Additionally , AI will be harnessed to empower individuals lacking appropriate credit ratings or residing in regions with inadequate markets , endowing them with an AI-generated credit score and paving the way for more global participation in financial services .
However , as these advanced use cases come to the forefront in 2024 , ethical
“ Only 46 % of Gen Z feel confident about their financial knowledge , a figure lower than that of baby boomers , Gen X and millennials ”
ELIAS GHANEM GLOBAL HEAD OF FINANCIAL SERVICES , CAPGEMINI
considerations pertaining to AI will consequently assume a more prominent role . More questions will be raised globally about how to ensure that AI-based financial decisions remain explainable and transparent .
Effective AI implementation hinges on the availability of large amounts of data which , in turn , raises concerns about privacy , consent and ethical standards . To unlock the full potential of AI , while preserving trust and credibility , countries will grapple with the necessity of establishing regional rules and regulations to govern risk compliance .
Andy Cease The most secure technologies often assist in streamlining the verification process customers want using AI and machine learning . For instance , integrating ID verification into the mobile experience accelerates onboarding by enabling features like form autofill . This not only enhances customer satisfaction , but significantly
70 December 2023