Artificial intelligence (AI), Deep learning (DL), and Machine Learning (ML) are the current buzzwords. These are easy ways that identify advanced technological systems and concepts that have revolutionized both the operations, strategies, workflow, and projects of SMEs and large enterprises. One of the most popularly implemented forms of advanced AI is “chatbots”.
As technology is evolving every day, customers expect financial service firms to have easy-to-use technologies that make interaction effortless, productive, and safe. Moreover, expect to serve them like never before from financial services firm, as in today’s busy life everyone wants things to be easy and faster. Gradually in the financial services industry, the customer service experience is becoming smoother with technology like AI.
Here are a few technologies that will transform the face of personal finance;
DVAs and Chatbots
Now customers have an easier way to interact with financial institutes. Customers are greeted by a chatbot at the right corner of the screen usually when they visit the financial institution’s website. It is one of the great technology which not only helps customers but saves their time as well. It guides very well. They can also be used for marketing, sales, customer service, and workflows, as well as optimizing internal operations.
DVAs are new and unlike chatbots, DVAs are asked questions verbally and answered verbally, as it helps to save time from typing.
A popular smart speaker has been incorporated by a leading Swiss Bank. The software offers financial advice and analysis of global financial markets. The software serves teaching resources as well. The bank’s DVA can also connect customers with the bank’s financial advisor through telephone. Interaction between customers and the bank is becoming easy, thanks to technology.
Blockchain: A safe ledger
To make transactions completely safe, financial institutions are using blockchain. With the help of blockchain, a seller can sell products secure in the knowledge that payment has been received, as blockchain keeps track of every single transaction in all the safety measures. Most recognize blockchain as the technology behind Bitcoin.
Blockchain benefits to customers
Blockchain technology accounts for the issues of security and trust in several ways. Every year hundreds of billions of dollars are sent as remittances. It has made it simpler and less costly. Merchants using blockchain enjoy benefits immeasurably. They don’t have to worry about a buyer will bounce a cheque. It also works like an escrow account by releasing ownership of a product once funds have received.
Once the technology becomes more secure, consumers may have access to a personal financial advisor that can offer sanguine financial advice tailor-made to the investor’s requirements. With the use of such technology, a customer can eliminate the risk and interact with the financial service provider at any point of the day.