According to the Accenture Banking Technology Vision 2017 report, 87% of bankers in India believe that AI will enable simple user interfaces that will create more human-like experience
Two promising technologies, artificial intelligence and blockchain, have our undivided attention. However, while blockchain is an entirely new content; artificial intelligence has been around for a really long time. But we are seeing the applications of the technology turn a new page only since 2016.
A new report, titled 'Accenture Banking Technology Vision 2017' underscores this attention further. According to the report, 87% of bankers in India believe that AI will enable simple user interfaces that will create more human-like experience. It will also revolutionize the way banks collect data and interact with customers.
What is interesting about the disclosures from the Accenture report is the growing trust in the aritificial intelligence technology -- led by banks.
The report also states that 83% of bankers in India believe that within three years, will deploy AI as their primary method for interacting with customers. Additionally, four out of five bankers surveyed in India expect AI to accelerate technology adoption throughout the organization, providing their employees with the tools and resources to better serve their customers.
The theme of Accenture's 2017 report highlights five artificial intelligence trends that banks are focusing on:
- AI Is the New UI (Experience Above All)
- Ecosystem Power Plays (Beyond Platforms)
- Workforce Marketplace (Invent Your Future)
- Design for Humans (Inspire New Behaviors)
- The Unchartered (Invent New Industries, Set New Standards)
Elaborating on a few trends, the report said:
The 'Design for Humans' trend indicates that the key to increasing the quality of customer experience lies in the ability to adapt for unique customer behaviors.The report finds that while human contact is diminishing in terms of volume, the quality and importance of human touch points will increase. Almost 33% of the bankers surveyed in India plan to use a detailed understanding of human behavior to guide new customer experiences. Nearly nine out of 10 bankers (89%) said they believe that their customers are satisfied with their bank’s use of personalization.
Unfortunately two-thirds of bankers in India claim that they struggle to understand their customers’ needs and goals.
The “Ecosystem Power Plays” trend points out that banks are increasingly integrating their core functions with digital ecosystem platforms in an effort to manage more broad-based consumer relationships. Nearly all bankers surveyed said they believe that it is ‘somewhat’ or ‘very’ critical to adopt a platform-based business model and engage in ecosystems with digital partners.
Many banks are already giving authorized third-parties access to account data and aggregated card profiles to benefit customers. Banks recognize that it is critical to participate in these ecosystems, but it comes at a cost. Three-quarters (76%)of respondents globally and four out of five (80%) in India said that participating in these ecosystems would require giving up control in favor of an overall better outcome — such as speed, agility and access to new customers — and that same number believe that chosen partners and ecosystems will help determine their bank’s competitive advantage moving forward.