“Artificial Intelligence coupled with hyper-automation is a game-changing technology that will transform how customers interact with their banks”
Fintan Byrne
CEO at CR2
Covid-19 has triggered a faster adoption of digital processes than ever before, and the current pace is likely to continue. Within the banking industry, the pandemic has forced banks worldwide to rethink how they deliver banking services to support the changes in consumer demand and seek new routes to connect with their customers.
Artificial Intelligence coupled with hyper-automation is a game-changing technology that will transform how customers interact with their banks. These technologies will strongly impact customers’ entire banking experience in 2022, such as identity management during their onboarding journey. It will transform how they transact daily, engage with the bank as they consume new products, and interact with customer service. We expect that up to 95% of banks interactions with their customers will be fully automated through a combination of digital channels, AI and hyper-automation.
Beyond these game-changing technologies, banks will also seek to collaborate with platform providers who offer cloud-native capabilities along with a modular architecture with composable applications that allow them to change and innovate at a faster pace rapidly.
The drivers & disruptors for the technology innovations
COVID-19 has been disruptive to traditional banking channels in such a way that customers are fearful of interacting face to face with bank tellers inside a branch, of touching the surface of an ATM or keying in a pin at a POS terminal. However, game-changing technologies allow banks to respond to these challenges and provide them with the capacity to reshape and digitize many areas of banking and payments.
Customers demand products specific to their needs, habits, and budget at a particular time in their lives. It is driving technology innovations within the banks, and we might see more of banking to the power of one – where banks are offering personalized products based on predicted behavior or need of the individual. For example, recommendations for specific loans, pre-empting a payday loan, and BNP will be quite rampant. Contextual banking services that fit every customer’s lifestyle and spending habits are achieved via AI. Being able to analyze people’s demographic, spending profiles, and understand if that person will be receptive to new offers will be key.
Customers are also demanding a frictionless experience. Hyper automation can enhance customer experience and eliminate the pain points that create friction in digital interactions as banking customers onboard, transact and engage with their bank. Customers want to bank wherever and whenever. AI and hyper-automation also can help banks move to a more ubiquitous – where banking is available instantly and embedded within social media and other digital strands of the customer’s life.
Aggressive adoption of advanced technologies for staying relevant and competitive
It is important that banks select a partner who shares their future vision, embeds innovation rapidly within their platform, and has a strong roadmap that includes game-changing technologies. It all comes down to choosing the right partner. Banks should select a long-term partner who can help drive their digital strategies, move to the cloud, shift from manual to automated processes, drive intelligence gathering, and act on that Intelligence. They can leverage such technologies to adopt innovative ways to engage and excite their customers. Having the capabilities to change and innovate rapidly will set banks apart and compete in the future.
