Last week I was asked to contribute to an article in The Independent on the ‘future of AI in banking for customers and Cybersecurity‘. In this case the copy wasn’t quoted but here’s the gist:

1. Creating great Customer Service is not just about reducing ‘false positives’ with CyberSecurity AIs (basic parameters: out of the country/office hours) but ‘Machine Learning’ whereby the benefit to the consumer is a Virtual Assistant who understands your individual needs and circumstances. This is this achieved when we can begin to form a profile of not only spending but contextual data: location, health apps, changes in the home & family, and even mood based on Social interactions…
2. The ability for AI to predict, interact or otherwise improve the Consumer experience is reliant on how much it can ‘learn’ about the individual, i.e. Big Data. This data would allow a host of improved financial services, cutting down on the current scattergun marketing approach employed but rather provide predictive and useful financial advice and care.
3. Banking in the time of Ad Blockers – Consumers interactions with Brands echo the service that they expect from their banks. Rather than unsolicited scattergun marketing material for loans and credit cards, we require personal & timely updates prompted not only by financial but our wider digital behaviours and persona.
4. Customer Service AIs should enable predictive and useful financial advice and care. Gartner estimates that By 2020, customers will manage 85% of their relationships with businesses without any human interaction. To this point, ANZ Bank in the USA have already deployed IBM’s Watson as an insurance adviser claiming that “in the time it takes to make a cappuccino, Watson will pull up all of your accounts, read all the fine print, and tell you what kinds of insurance protection you’re missing or where you’re over-covered.”