Today, conversational banking has simplified banking to an extent where you don’t even have to visit a bank. Major banks have adopted conversational banking products to simplify banking processes, which will soon be the norm in the banking industry.
More than $1 trillion. That’s how much analysts estimate that artificial intelligence will save the banking industry. Financial institutions should expect a 22% cost reduction in operating expenses due to AI, with most of the savings coming from the front office. But it all hinges on one thing: consumers’ level of comfort with AI.
“Leveraging the power of artificial intelligence (AI) and the surging popularity of messaging apps, conversational interfaces are enabling unprecedented banking engagement and re-establishing relationship banking. Chatbots are a simple, lightweight solution to a host of legacy banking problems, giving progressive banks and credit unions a competitive industry edge.”
Community banks and credit unions must confront some uncomfortable truths about their commitment — or lack thereof — to digital transformation. They are falling way behind larger banks, which is slowly suffocating their relationships with small business banking clients.
