Banks will have to convince robots – rather than humans – that their deal is the best in the market
Financial institutions are already using artificial intelligence to cut costs and deliver new services. But what about the customers? In 2020, we will start to see more and more AI-powered financial services for customers and by customers.
Robo-advisers, chatbots and copbots auto-detecting fraudulent transactions are increasingly common. These uses are undoubtedly valuable, but the business model is still the consumers being sold a loan by a bank, whether that’s by a call centre agent, or a robot that impersonates a mortgage vendor.
The big change in financial services will come when customers use AI to assess offers from financial institutions. They will have access to AI as powerful as the banks have – because Google, Facebook, Apple and Amazon (and companies like them) will be giving it to them. And this will mean individuals won’t be the customers: their bots will be.