“AI also has some interesting applications for lenders. The most prominent among them is customer service. Driven by machine learning, a subset of AI, the AI-powered intelligent chatbots can learn from customers’ historical data to continually improve their performance.”
Fremont, CA: The banking sector will play an important role than it has in the past, given the new economic and social structure of the world. At the same time, we must not forget that the banking sector is also an economic environment in which the most exciting applications of the most potential technologies developed in recent years will be implemented to a much greater extent than elsewhere.
Here are some of the future trends of digital banking:
It may seem obvious, but one of the most important trends that the banking industry will face has to do with its internal organization, particularly the organization of its employees. Even banks will have to carefully reconsider the way they work and their internal workflows, given that smart work is destined to remain an appropriate model even if it isn't actually favored in many realities.
Operations Become Digital
In the new normal, the banking sector’s digital transformation has picked up lightning speed; it leads to every player making certain innovative decisions that will ultimately become the norm. For example, there will be an increasing shift towards document management, which includes the production, exchange, and storage of digital documents throughout the entire workflow of an organization. This requires adopting the skills necessary to do all the work in an efficient and effective way. One of them is undoubtedly the cloud, which allows centralization of document management where all authorized operators can access the archives at various levels, depending on their role and activity.
Besides, leading technologies like AI also have some interesting applications for lenders. The most prominent among them is customer service. Driven by machine learning, a subset of AI, the AI-powered intelligent chatbots can learn from customers’ historical data to continually improve their performance.