The disruption of digital technologies is changing the way industries function and operate. AI has made its presence felt across the world and through its innovation and has enabled industries to identify better ways to deliver value to customers as part of their operations. It is no secret that artificial intelligence is having a big impact on how customers interact with services, notably within Banking. Nowadays, customers are changing their demands as to how they interact with their products and services. Therefore, banks are under pressure to deliver a more efficient, personalized, and seamless banking experience to meet their expectations. Banks in the past have struggled to realize the full value of the data that they collect, and now, artificial intelligence technologies have unlocked different ways for institutions to use their data to greater operational effect.
That is just only one way in which Banks can create better value for themselves and their customers. Digitization has never been more essential for banking institutions to adopt than it is today, and competition from FinTech start-ups has only ramped up the pressure for banks to meet the challenge and integrate AI technologies into its operations.
Many institutions already consider artificial intelligence as the future of banking as it has proven to deliver higher quality services to customers. Besides that, here’s why banks need artificial intelligence technologies:
The banking sector today is becoming actively adaptive to artificial intelligence because they instantly realize that current administration and manual strategies are fast becoming outdated. According to Deltec Bank, Bahamas, “The era of internet and online banking is the here-and-now, and banking institutions have had to play catch up to transform strategy to promote a more personalize and self-serving experience. Customers are expecting banking operations to perform on-demand services and AI has never been more in demand than it is now.”
To sum-up, banks have been relatively slow in adopting artificial intelligence technologies as part of strategy and operations. The digital disruption is now changing the way the world works and functions. With advanced technologies presently being part of day-to-day lives, banks are expected to deliver seamless experiences with advancements that enable customers to access and manage their banking services in the palm of their hand. Banks who are not investing in technology should expect to experience bad bank capital, falling customer rates, and fraud vulnerability.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in Economics, Masters in international business and finance, and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries, and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/