Cognitive technologies will play a major role in building the bank of the future. But that future is not far away. Giant leaps have been made that enable vast amount of data to be stored, analysed and distributed in real time, or near real time. New types of algorithms also mean that machines now have an understanding of data, plus an ability to learn, that would have been inconceivable only a handful of years ago.
By harnessing the power of artificial intelligence (AI) to transform how financial services are manufactured, delivered and managed, banks are able to:
- Enhance the customer experience
- Deliver new products and services that are more closely aligned to customer needs
- Achieve and sustain operational excellence.
Cognitive technologies mean that the customer communications channel is always open, so products and services can be continually updated and refined to meet exact customer needs. In a cognitive bank, computers don’t just process: they learn. Every customer interaction is a learning opportunity and a bank can respond accordingly.