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Artificial Intelligence ‘Soon to Turn’ Into Emotional Intelligence in the Banking Sector

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Whilst living in a digitally-controlled era, people and consumers are still in need of a personal connection. With banks moving towards digitalization to earn more and reduce expenses, personalizing client experience is an opportunity not to be missed.

AI digital assistant allows banks to develop a personal client’s services/products tailored to their immediate requirements and needs. This takes the business-client relationship to a new level of emotional connection. This personal/emotional connection maintains client's loyalty, increases client’s time value and ultimately increases profitability.

Now is the time where emotions play a vital role in our everyday life decisions which are all just a few clicks away, even when it comes to big decisions such as switching bank providers in order to get a more personalized service. Clients are now more willing to switch bank providers if a better experience presents itself in the easiest way possible – digitally from their mobiles.

According to studies, 42 percent of customers believe their bank treats them as individuals, not just as customers. These ‘connected consumers’ are 22 percent more inclined to acquire services from their bank without first comparing prices.


How human AI can be to make personal connections?

Giving AI the human aspect in digital banking means demonstrating to clients that the bank understands who they are, what they need and when they need it.

This can be possible by using clients’ data gathered throughout the clients’ lifecycle and through creating coherent analytics of the activities that comprise the clients’ life, as well as an understanding of their long-term aims and goals.

When achieved, AI can make the relationship between clients and the bank stronger in order to create the necessary ties between the two parties to achieve a deep personal relationship that differentiates one client from another.

What If Emotional Intelligence Is Brought into Play?

Above all AI advantages, supplementing this superior technology with Emotional Intelligence is a breakthrough within itself. But teaching machines to pick up on gestures, cues and nuances and comprehend the real message which is being communicated can be quite challenging.

Currently, it is not yet possible for Artificial Intelligence to replicate human emotions. However, studies show that it would be possible for AI to mimic certain forms of expression very soon and the technology is developing at such an unprecedented rate to include Emotional Intelligence as subset of AI.

It is amazing to witness how digital interactions will become more real and human by incorporating emotional intelligence within AI technology.

In conclusion, AI in banking has come to stay and with even more enhancements. To ensure digital banking services more valuable for all parties, it’s essential to adapt to this change to be able to thrive in the banking industry.

Remember, this bank-client partnership is nurtured through meaningful connections, constant interactions and a deep understanding of a client's life and vision. The “soon to happen” emotionally intelligent digital banking will ensure people get the best service that match their financial goals and allow banks reach their greatest revenues.


More References

https://www.forbes.com/sites/theyec/2019/08/14/digital-banking-is-growing-faster-than-ever-do-traditional-banks-stand-a-chance/#70bb00f8f1a6

https://www.businessinsider.com/ai-in-banking-report

https://www.telecomreview.com/index.php/articles/reports-and-coverage/4042-the-rise-of-emotionally-intelligent-artificial-intelligence

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