Smart Conversational Banking: the near future of the banking industry
This year has brought many changes to our lives, whether it be how we shop, how we interact with other people or the absence of sporting competitions. But what changes has it brought to the world of banking?
Have you ever been talking to someone about a product that you’re thinking about buying only to later see offers for the same product all over social media? It’s happened to almost all of us, and understandably, it causes some people more than a little concern. It’s just one part of the artificial intelligence systems being using the modern world.
As part of this, technology company GDS Modellica has been developing a system that aims to help banks generate digital conversations with their customers. It all starts with artificial intelligence, using algorithms that will even be able to understand customers’ emotions or feelings.
Managing director for GDS Modellica for Europe and Latin America, Antonio García Rouco, explains, “Conversational banking aims to use algorithms to make it possible for banks to provide virtual financial advisors and replicate familiar environments for customers, where they can use natural language instead of interacting using menus”.
He also gave a specific example of what impact this will have on people’s lives with respect to their relationship with finance companies.
“Let’s imagine that I’m a customer who wants to buy a house and I have made some comments on social media. From there, the financial organisation gets in contact with the customer using algorithms that are capable of understanding natural language and thus can provide them with an offer based on what they are looking for.”
These days, there are many people dedicated to scamming customers, using techniques such as phishing, and this can be worrying for many people. But García Rouco provided reassurance and pointed out that both financial companies and technology firms have made big strides in creating the right conditions so that customers feel safe and secure.
What will this become a reality?
It’s still not clear exactly when this system will be fully implemented. What we do know is that it is already being developed and that some banks are already implementing it gradually.
García Rouco offered his own opinion on the matter, saying, “I believe that in the next five or six years, we will see huge advances with all of this, and just as with other things which initially seemed a bit like science-fiction, it’ll soon become a normal part of our everyday lives”.
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