AI Technology Will Robots Take any Job? | Financial Services - Information Technology

AI Technology Will Robots Take any Job? Financial Services

When people hear AI, I think they think of like you know... Robots? The term AI conjures up images of just that robot and let's be honest the Echo looks like a space pod and the reality is in the landscape of today's rapid business transformation AI technology provides a digital solution for executives looking to create efficiencies in certain departments. It could save us a lot of money a lot of time and help us to transition through a lot of pieces that right now would take a lot of a lot of people and a lot of digging to do you know if we were using something that had an artificial engine that could learn and help us with customer service help us with other pieces like that it could make it much better. Okay so forget the robot I wanted to know how those who provide the technology define AI and I asked the experts at our NG FST Summit. Artificial intelligence is really knowledge its knowledge that's out there that has to be harvested so that it can be used and applied to improve customer experience. It's now but we're just not adopting it now as an industry so it could be now it should be now.

AI technology has exciting potential across the board but for financial experts there's a heightened sense of opportunity some banks are already taking full advantage of it by using chatbots and representatives tell us many Millennials use their chat bots to secure student loans. On my chart its up in the definitely above the watch list because things like that whether it's conversational interfaces or chat bots, virtual assistants they all sort of seem to blur together at some point in time. Those have real operational efficiencies aside from being customer-centric you know customers really liking it because they can do self service and all that it helps I mean the second most expensive channel in any bank is normally their care center you know so if you can deflect stuff out of there and use it and provide a great customer experience at times though yeah we're seriously looking at the technologies, how to be able to do it. You have to admit one caveat is the fear of rapidly depleting jobs that capable humans now do but executives we spoke with say eliminating jobs was never their goal. That's a big fear out there, people are really concerned about replacing jobs with robots. It's a perceived concern and what we would end up doing in some of the technologies we implement is our staff right now community banking wear many many hats so if we can free them up from one area to focus on something that's really more pertinent that we need you know the shark closest to the boat. Our version of artificial intelligence really is not replacing agents not replacing them it's getting getting them to be focused on more complex tasks to be focused on more interesting question that the robots will never be able to answer. Then that's going to make their life much better and it's going to make it easier for us if we can take away some of these ancillary issues and let them focus we're not doing away with their position. So we feel that the combination of self-service and assisted service is what drives the best customer experience...