AI Automates Basic Tasks and Improves Operational Efficiency
“AI can help financial services organizations control manual errors in data processing, analytics, document processing and onboarding, customer interactions, and other tasks through automation and algorithms that follow the same processes every single time,” according to a report from Google Cloud. In short, AI can be a timesaver on every level.
In the front office, for instance, automating data entry and other routine tasks enables bank employees to spend time on more complex, valuable projects. In customer service departments, AI can respond to routine queries, freeing up human agents to tackle bigger issues. AI-powered chatbots can also provide account information and assist in basic banking transactions. That’s why nearly half of U.S. bank executives plan to use generative AI to enhance customer-facing chatbots and virtual assistants.