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Will banking bring back the personal touch through AI?

According to the recent Accenture Banking Technology Vision 2017 report, four out of five senior banking execs (they surveyed 600) see AI as the primary method for consumer interaction in the near future.

One of the co-authors of the report predicts that this will bring back a level of personalised interaction that in recent years the banks have lost. On top of retail branch closures there has been a lot of technology deployed in banking that has delivered a less personalised experience. Alan McIntyre, one of the authors of the report says that AI is going to turn that tide.

“The big paradox here is that people think technology will lead to banking becoming more and more automated and less and less personalized, but what we’ve seen coming through here is the view that technology will actually help banking become a lot more personalized,”

In my article last week I discussed how Wells Fargo were testing AI driven chat experiences using Facebook Messenger and its great to hear that the focus on AI is widespread amongst senior banking execs.

McIntyre, who heads up Accenture’s banking practice goes on to say that:

“(In) many ways it (AI) will take banking back to the feeling that people had when there were more human interactions.”

It’s great to hear and I’ll be talking more about this in my talk ‘AI In Financial Services’ at BLAST project in Rome on May 10th.

You can read the full Accenture Banking Technology Vision 2017 here.