Artificial Intelligence crucial for banks to transform customer experience: Accenture
Artificial Intelligence crucial for banks to transform customer experience

New Delhi [India], Mar. 29 : According to Accenture's latest report, banks should use artificial intelligence (AI) to help understand the intentions and emotions of customers and enable better interactions.

The report, titled Accenture Banking Technology Vision 2017, draws on the analysis of an advisory board comprising more than two dozen individuals, interviews with technology luminaries and industry experts, and results of a survey of more than 600 bankers.

According to the report, more than three-quarters (78 percent) of bankers globally and 87 percent in India believe that AI will enable simpler user interfaces that will help banks create a more human-like customer experience.

Additionally, four out of five global respondents (79) percent and almost nine out of ten (87 percent) of bankers in India believe that AI will revolutionise the way banks gather information and interact with customers, and three-quarters (76 percent globally) and 83 percent in India believe that within three years, banks will deploy AI as their primary method for interacting with customers.

"With Indian banks embracing digital solutions for interacting with customers, the next step is implementing the power of AI, such as identifying consumer preferences and then reacting with insight and emotional intelligence. In addition to gaining insights, banks could transform customer experience and improve operational efficiency. However, the challenge will be how quickly banks can implement these new technologies as banks continue to face legacy issues with their existing IT set up. This would require a C-suite-led impetus to embrace new technologies," said Piyush Singh, MD and head of Accenture Financial Services Group, India

The theme of this year's report- Technology for People is a call to action for bank executives to design technology to help align their products and services with what consumers want in near real-time.

In traditional banks, basic transactions continue to migrate from physical to digital channels, leading to major changes as banks redesign their branch networks and enhance their digital footprint.

Four out of five bankers surveyed (80 percent) globally and in India expect AI to accelerate technology adoption throughout the organisation, providing their employees with the tools and resources to better serve consumers.

Many banks are already giving authorised third-parties access to account data and aggregated card profiles to benefit customers. Banks recognise that it is critical to participate in these ecosystems, but it comes at a cost.

Three-quarters (76 percent) of respondents globally and four out of five (80 percent) 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. (ANI)

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