Financial institutions must determine where they can apply AI within their operations to stay competitive with other players using AI for predictive analytics and call centers.
If one bank is using AI to serve clients and another is waiting for a crisis to occur to implement AI, clients will naturally gravitate toward the more proactive institution, Dustin Hubbard, president at Archway Software, tells Bank Automation News on this episode of “The Buzz” podcast.
“Banks that don’t apply AI are going to start having their margins squeezed a lot more than banks that are actually effectively using [AI],” he said.
For example, WaFd Bank replaced its entire call center stack and inserted conversational AI at the start of every call, Hubbard said. This investment in technology is translating to higher customer satisfaction levels, according to the bank’s August Investor Presentation.
Listen as Hubbard discusses AI use cases, maintaining competitiveness in the space and the future of AI in finance.
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Article: “Banks that don’t apply AI are going to start having their margins squeezed a lot more