IBS Journal May 2017
27
way consumers think individual transactions might be. There is a view that automatic robotic advice is actually objective, unbiased, helpful advice.”
Since the financial crisis of 2008 and the PPI scandal, public trust has been eroded in the banks. The implementation of robotics and AI solutions may help rebuild some much-needed confidence in the financial services sector, adds McIntyre. “Banks are still trusted to look after your money, which is transactional trust. If I hand over £100, I trust that that money is going to end up in my account and things will be handled properly. It’s more troubling when you’re asking about advisory trust. Do you trust that the bank is always acting in your best interests, all the time?”
AI concerns There may indeed be a compelling use case for AI but
that’s not to say there aren’t challenges looming large. The Accenture report identified bankers’ three major areas of concern around AI: privacy issues (38%), compatibility issues with the current IT structure (36%) and the fact users often prefer human interactions (33%).
Jain admits there remains some scepticism about the benefits of AI in banking. “There are always two kinds of thoughts: one is very innovative and push out these cool technologies. But there’s definitely a lot of other voices which say customers want to speak to real people. What we see as the right answer is really some kind of hybrid where you’re enabling these AI solutions to just work faster and help agents take away a lot of the load so they can concentrate on more complicated queries,” he says.
Raoul van Engelshoven, VP financial services sector at
www.ibsintelligence.com
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