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.”
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