Artificial Intelligence, a growth driver for the financial industry

Artificial Intelligence (AI) plays a pivotal role in reducing costs and unlock profit margins by automating manual procedures and tasks. However, its impact extends beyond operational efficiency, as AI has the potential to make businesses smarter and more user-friendly, particularly within the banking and insurance sectors.

"At BIRGER., we accompany our clients and partners through this AI revolution."

The applications of AI are widespread, ranging from fraud detection and prevention, secure payment processing, and online money transfers to streamlining bill payments and enhancing the overall customer experience. By leveraging AI, companies can offer personalised services across multiple channels, expedite processing times, and ensure round-the-clock availability.

Furthermore, AI empowers organisations to automate various processes, such as the automatic handling of thousands of emails, reading, analysing and extracting relevant information from wide ranging documents. This allows banks to focus on value added services. Similarly, insurance and brokerage firms can go beyond traditional claims management by implementing AI-driven risk analysis tools, adhering to internal due diligence procedures, and making more accurate projections.

Many businesses rely on a limited number of channels to evaluate customer experience and shape their marketing strategies. However, with this approach, business may not be using the right and relevant information. To overcome this challenge, it is crucial to adopt an omnichannel marketing strategy that leverages on AI to gain deeper insights into customer expectations, behaviors, and satisfaction. By analysing vast amounts of data from various sources, including current and future customers, AI enables insurance companies to create sophisticated and personalised sector-specific insurance policies. AI can become an assistant to insurance or banking advisors, optimising customer relationships and taking on the role of an "augmented advisor." It is even predicted that AI-powered chat platforms will eventually surpass search engines in terms of utility and functionality.

Today, we already witness the integration of various AI techniques, including Robotic Process Automation (RPA), Computer Vision, Machine Learning, Deep Learning, and Natural Language Processing (NLP), to the financial industry. These techniques find application in online purchasing trend analysis, voice and facial recognition, as well as facilitating language-based interactions.

In the digital landscape, users already leverage on AI-powered tools such as chatbots on websites or mobile applications to prepare financing projects, obtain cost estimates, or forecast financial scenarios. Messaging bots, which communicate through popular platforms like WhatsApp or Facebook Messenger, and callbots, virtual agents that guide users, are transforming customer interactions and alleviating call center congestion. These AI-driven solutions offer seamless experiences where users may even mistake them for human interactions.
 

Author: Pressley Pavaday, Head of Self Service & Payment

Source:  JANVIER-FÉVRIER 2023 - Supplément de L’Éco austral n°375