- The banking offer will evolve to meet the individual needs of customers allowing a faster, more scalable and more precise customization.
- The constant process of learning and adaptation makes artificial intelligence programs so valuable.
- The challenges of artificial intelligence not only lie in the quality of the data, but also in establishing the appropriate limits.
In the coming years, we will witness a mass deployment of services run by artificial intelligence systems. The challenges are many, but well channeled will favor the quality and speed of financial services. Banks have worked to regain customer confidence for most of a decade. Now, artificial intelligence tools can play an important role in rebuilding that relationship. How?
In the opinion of Saxo Bank, the banking offer will evolve to meet the individual needs of the clients, instead of the client working hard to understand which of the products really suits their situation . What are now small services such as chatbots or voice assistance – which automate simple queries – will go a step further to respond to customers with customized solutions. And this is just an example of the potential of this technology.
“Saxo Bank’s own work with artificial intelligence is still at a relatively early stage, but we have clear evidence of how artificial intelligence can provide differentiated, personalized and high-quality services to clients in a way that humans can not, including even if they are backed by a large-scale processing capacity, “says Christian Hededal, head of data science at Saxo Bank .
In large part this is because tools based on artificial intelligence can anticipate and facilitate the needs and preferences of customers that change quickly and that their creators could not predict. Their ability to learn on the fly also means that they are not only faster, more flexible and more accurate, they are also available 24 hours a day, 7 days a week, without interruptions. It is the constant process of learning and adaptation that makes artificial intelligence programs so valuable.
The challenges For the bank, this ability to anticipate and adapt should be treated with caution by companies seeking to expand their artificial intelligence programs to new areas. The raw material to open a new world of possibilities for artificial intelligence applications is the data, but unpolished data, without passing a quality filter can end in disaster.
“They must be relevant and clean data, which can be a great challenge, especially when they are obtained internally from multiple legacy systems or from external suppliers,” warns Christian Hededal.
But the challenges of artificial intelligence not only lie in the quality of the data, but also in establishing the appropriate limits. Negotiation algorithms, for example, have not worked when insufficiently robust parameters have been established. For this reason, it is vital to ensure that the source of content driven by artificial intelligence choose credible and carefully selected sources of information.
Advancement of regulation Finally, the financial institution states that “a lot of work will have to be done to explain, above all to regulators, the decisions adopted by programs based on artificial intelligence or the reasons why a customer is offered a product and no other “
In this sense, it considers that the authorities are aware that their use goes against the requirements now demanded of the banks in terms of supervision and understanding of the tools and processes carried out, especially in the field of the fight against financial crime and cybersecurity.