In general, the use of artificial intelligence makes sense where large amounts of data and different data sources have to be evaluated, human errors should be avoided and decisions have to be made as quickly as possible. All of this can be relevant in the Zest Finance area of short-term or volatile investments, where significant fluctuations can often occur in fractions of a second.
Seamless support: Anyone who has blocked their internet banking access at night by repeatedly entering an incorrect password appreciates continuous customer service. A manual service would require continuous personnel expenses and also affect the account management fees since the financial institution would incur considerable additional costs in this case.
Fast Response: An automated chatbot can display responses in a fraction of a second. However, these are often deliberately delayed by a few seconds to suggest personal support to the customer.
Comprehensive service: Customer advisors are not always familiar with all the intricacies of the system. While a customer advisor may not have the right answer to every question, an appropriate artificial intelligence can access a variety of sources and train itself through deep learning. This also minimizes the risk of erroneous answers.
While multimedia systems such as Apple’s Siri or Amazon’s Alexa reveal themselves through the computer-generated language, there are examples of text-based systems that can hardly be distinguished from real people. There are also semi-automated systems that support banking processes and thus, for example, provide the documents that match the request, query information or establish a connection to the appropriate staff.
Digital transformation, and especially the use of AI, is not always accepted by both consumers and the management floors of financial companies. Here, human contact is often preferred to cold efficiency, or there is a lack of understanding of how AI systems work. Here it is important to create long-term acceptance of technology and build up competencies. But AI systems are already firmly anchored in the financial world.