How artificial intelligence (AI) can help banks support their customers during uncertainty
By InterSystems
Due to economic uncertainty and rising interest rates, there has been growing pressure on Australian banks to further support their customers and improve the overall customer experience. While banking leaders generally agree that the use of data insights is valuable in attracting, retaining, and growing the customer pool, the rapid increase in customer and business data generated daily creates challenges for banks when trying to track customer interactions and derive meaning from their data.
A new generation of data platforms built on artificial intelligence (AI) is helping solve these challenges by optimising automation, security, and data stability. This is giving banks deeper and more timely insights into every customer throughout the organisation. However, the key is ensuring that the data platform has the capability to consistently, reliably ingest and analyse large volumes of data and manage data spikes in real-time.
Some current and legacy infrastructure is causing data management issues for banks, with a new survey of Australian banking leaders by InterSystems revealing that 97% of data used by banking leaders for decision-making is more than five hours old, with 65% between one day and several weeks old. This type of data is unsuitable in fast-paced environments where customers require real-time solutions to meet their constantly evolving needs.
The solution is to consolidate data and applications into a centralised source, building information integrity, providing real-time data insights, and creating a place for better collaboration. All of which are needed to harness the benefits of an AI integration and manage constantly shifting customer needs.
Finance organisations are quickly discovering that using the right AI can improve business efficiencies, make workflows faster and more seamless, and reduce operational costs. For banking in particular, AI can also help transform the wider customer journey, changing the quality of products and services the organisation offers. It can provide better methods to handle data, gather valuable insights into customer habits, help curate data for greater levels of customer personalisation, and help protect customers against cyber fraud.
The move to AI solutions is a great way to build trust and improve the overall customer experience in banking. It also expands opportunities for ongoing advances in organisational applications, meaning there is no limit to achievable business opportunities, particularly in high-volume data environments.
