Banks increasingly active in use of artificial intelligence
Having overcome initial reticence, more and more retail banks – those offering services to normal customers and small businesses – are turning to artificial intelligence (AI) to optimise processes and offer new products.
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A study by Lucerne University of Applied Sciences and Arts (HSLU) shows that although the use of AI is still in its infancy, the potential has been recognised, for instance in the areas of data analysis and risk management.
Some 70% of the 45 institutions surveyed as part of the research use AI actively, mainly within internal processes in segments such as payment transactions (23%), document processing (23%) and analysis (20%).
In some cases, however, artificial intelligence applications are already being used in customer relationships, for example to help employees respond to simple requests for information. Thirteen per cent of banks use the new technology in call centres, while 10% use it to advise customers on basic services (accounts, cards) and financing.
According to the study, AI can also be seamlessly integrated into existing channels such as e-banking. Particularly popular are chatbots. “At the moment, however, humans are still irreplaceable, especially when it comes to sensitive topics,” admit the authors of the study.
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According to the research, artificial intelligence will profoundly change the banking sector. It will enable more efficient and higher quality processes, for instance in credit analysis or customer service. The targeted evaluation of customer data will also open the way for new opportunities to personalise services.
At the same time, however, dependence on technologies and the individual companies that offer them is also increasing, and with it the risk of security gaps. Banks must strengthen their IT infrastructure accordingly, the researchers argue. At the same time, it is important to keep a constant eye on trends in software development.
Translated from Italian by DeepL/ts
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