Following on from my article on A.I., almost a year ago now, I thought I’d ask the question:
Has the landscape changed?
One of the most notable differences is the increased service and personalisation that our banks are able to offer. Chatbots are now a common occurrence with some of the better offerings being able to solve our everyday queries. These 24/7 assistances allow for a greater customer experience when done right, which can result in an increase in loyalty and return on investment.
We have also seen an increase in the transparency offered by banks. Gone are the days when you could only receive last month’s bank statements in the post. Using A.I., customers can receive a real-time insight into our spending habits leading to opportunities for banks to sell tailored products for the individual.
It was announced 22/08/2018 that Barclays bank has created a new “Head of Markets Innovation” role which is to be taken up by Justin Brickwood, formally of Goldman Sachs, who will be focused on incorporating A.I. and machine learning into sales and trading.
With this new appointment, it is left to be seen how far artificial intelligence will go and the possible learning curves that could make or break this emerging technology.
The updates will continue…