Artificial intelligence has provided humanity with many friends. These friends are virtual but probably more helpful than real human beings. In the field of banking, these friends, commonly known as virtual digital assistants, are becoming common every passing day.
These assistants are immensely helpful in the improvement of productivity in the workflow of banks. This helps saves time as well as costs. According to a study, AI will save 862 million hours of time for banks by the year 2023. This is very likely the reason most banks are opting for AI-powered tools for improving their productivity.
This article aims to help you decipher the role virtual assistants can play for your bank’s workflow.
Four ways virtual assistants help ease the workflow in banks
Business and research communities are showing a keen interest in the wonders of Ai in the 21st century. Many people in the world are paying attention to AI relevant events occurring over the world. In this regard, the UAE has been leading the way. Many businessmen are thus interested in events like artificial intelligence exhibitions occurring there.
Virtual assistants are the friends gifted by AI that humanity never thought it deserved. But they are making the working lives of bankers easier. The answer to your how is as follows:
1. A hybrid workforce
Virtual assistants are highly beneficial in the banking industry. They can not only work in back offices but also enable you to ace customer service like never before. These enable you to form a hybrid workforce where your employees, i.e., human beings, will be able to work in unison with the Ai powered digital assistants.
These are beginning to improve the efficiency of work and free up the time of humans beings, which they can use to carry out other tasks that require the creativity of a human mind.
2. 24/7 assistance
Human beings cannot work for twenty-four hours. They need to rest so as to reenergize and refresh their minds. Unlike humans, digital assistants can work round the clock, any day of the week without getting tired or needing refreshments.
Digital natives in banks can provide financial services 24/7 once integrating AI with the financial systems and customer service systems becomes the norm. The banks which are going for digital assistants thus enjoy a competitive advantage over those who do not.
3. Ubiquitous customer services
AI-powered customer services are ubiquitous. They are everywhere and always there. Digital assistants are providing service to the bank customers in a variety of ways, from messages to phone calls and emails. It not only reduces the burden on the banking staff but also makes it easy for the customer to place requests like password updates and international transactions within a minute.
Banks that are letting AI-powered digital assistants handle their customer services are enjoying an increased level of customer satisfaction than those which are not.
4. Improved security and accurate insights
AI-powered digital assistants enable you to make intelligent use of data mining tools. Thus your bank is better able to manage and keep secure customer’s data. It does so because of the wide range of capabilities of AI tools offering efficient built-in privacy and security.
Indulging in this technology makes the workflow easy, and thus your upper management can make a strategic decision from a better-informed place. Thus it is safe to say that AI is making the banking workflow processes more insightful and secure in the current world and promises to do it even more so in the near future.
AI-powered digital assistants are important for the banking industry!
Digital assistants are at the forefront of technological innovation in the present world. Artificial intelligence exhibition is becoming a common occurrence in developed countries all over the world. Such events provide a chance to a technical expert to a layman to introduce themselves to the wonders of AI-powered digital assistants.
Like all major industries in the world market, from education, healthcare logistics to banking, artificial intelligence has begun to prove its indispensability. The times are not too far away when there will be less human employees in the banks and more digital assistants.
Virtual assistants keep on improving in their cognitive abilities. Thus when a bank invests in one, they can hope for its performance to improve over the course of time and thus elevate the level of productivity that they help boost.