AI is helping financial services companies re-architect business processes to build solutions powered by artificial intelligence and optimized for end-users.
New York-based technology provider Synechron has released a set of AI-based solutions for the financial services industry. The product, named Neo, allows financial institutions to deploy AI solutions that solve business challenges.
The industry is buzzing about chatbots at the moment. Imagine bringing AI and automation into the face-to-face banking environment.
Now, with AI, financial services wealth managers can use hybrid 'robo-advisors' with their existing services to streamline their interactions with their customers.
Pairing bots with humans is not a new concept. More and more enterprises are building chatbots that understand complex human workflows and sentiment. Two out of three consumers do not realise they are using chatbots.
Chatbots define your brand and form an emotional bond with consumers, so it is important that any chatbot merges seamlessly with the brand. They potentially can form an emotional bond with your audiences and take away the impersonal touch of a faceless entity.
Chatbots were touted as the next big thing in tech at Facebook's F8 conference last year, yet they had a disappointing year in terms of growth. Facebook overset expectations at F8, but chatbots did not deliver the level of customer service that companies hoped that they would.
Businesses encountered several issues when they used chatbots to manage their customer service needs. Customers complained about chatbots having an inconsistent brand voice or repeating the same messaging over and over again.
Synechron's platform hopes to bring customer chatbot experiences to a new level. It aims to bring together human 'high-trust experience advisors,' with capabilities such as social investing, chat, and machine learning.
Its 14 'Accelerators' allow financial institutions to use AI across financial services and address challenges like fraud, margin call management, and liquidity coverage ratio calculations.
Using natural language processing (NLP), chatbots, robotic process automation (RPA), cognitive machine learning, data science, chatbots can be used in several scenarios across the financial services industry.
They can serve as an internal virtual assistant or frontline customer representative. If they are created with an understanding of financial services business operations and systems integration expertise they can slot into the workflow across the organisation.
Synechron's other accelerators include an automated financial advice generator, which uses NLP to extract customer data, and Natural Language Generation (NLG).
There is also a customer insights accelerator that has four modules for banks, credit cards, ecommerce, and mortgages.
Faisal Husain, Synechron co-founder and CEO, said: "Financial institutions are looking to implement the latest technology to address real-world problems in financial services.
Neo and Synechron's AI Accelerators will be pivotal in helping clients be at the forefront of technological advancement, while providing a comprehensive set of tools to ease and streamline processes."
The financial services industry needs to focus on its human element in its interactions. One complaint against financial services is the lack of empathy in the client - banking relationship.
Introducing good quality AI into customer service workflows might shift the interaction from mechanical transaction back to meaningful relationship.
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