How AI is Being Used Effectively By Financial Services

Capital One recently launched an NLP-capable chatbot named Eno at the wake of other industry firsts in terms of AI applications. Eno enables customers to chat with the bank using text-based natural language to pay bills and retrieve account information.

Among the pioneering financial institutions to join the IoT bandwagon, Capital One also launched an Alexa Skill for Amazon Echo and plans to be the first to launch a similar service for Microsoft’s Cortana. Mastercard is leveraging AI to enhance experiences across its ecosystem (for consumers, partners, issuers, and merchants), as well as to hike operational efficiency and close loopholes in areas such as fraud and false declines.

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The financial services giant worked with AI enabler Kasisto to build chatbots for banks and merchants to better engage consumers. Taking a step further, Mastercard also partnered with IBM’s Watson and General Motors to explore scenarios where users can “safely” conduct commerce even while on the road (such as pre-ordering their favourite cup of coffee and picking it up from the drive-through counter on their way to the office).

Wells Fargo leveraged machine learning originally to prevent fraud, but AI now permeates other areas including compliance, customer experience, underwriting and authentication. The San Francisco-based financial institution is also exploring the use of consumer-facing virtual assistants for information updates, improvements in transaction capabilities and business insights.

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Bipin Sahni, EVP and Head of Innovation and R&D, reports that “regularly collaborating with startups on a wide range of technologies helps us explore big ideas outside our walls.” AI and chatbots will likely revolutionise the way financial institutions gather information and interact with customers.

With 1.2 billion people using Facebook Messenger around the world, there is no better way to access consumers.

Financial institutions are banking on this access and continue to come up with new and innovative ways to use the technology of chatbots to have a better understanding of customer beliefs and intentions. The more they learn about customers from their interactions with chatbots, the easier it becomes to offer targeted products and services.

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After all, once you know what people want, it makes it that much easier to provide seamless customer experiences and obtain better competitive positioning. Although it may take some time for the technology to mature and for customers to fully adopt it en-masse, a majority of financial institutions believe that conversational interaction via chatbots is a natural evolution of existing online services.

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