Listen to Ravishankar, Co-Founder & CEO of Active.Ai, at the Breakfast Club
Today’s digital financial services are confined to very simple and rigid chatbots with minimal capabilities to predict a customer’s needs. AI is making such virtual assistants more intuitive.
What this means is with a voice command as simple as ‘I lost my wallet,’ a virtual assistant will be able to intuitively assess you need to de-activate your credit card, and go a step further to give you the option of a card replacement. The more interactions customers have in a conversational manner, the better understanding of the sentiment and mood at that point of time can be obtained.
Specific to the financial services sector, the Monetary Authority of Singapore (MAS) put in place a US$20 million Artificial Intelligence and Data Analytics grant, to promote the adoption and integration of AI and data analytics in financial institutions. By 2022, chatbots are predicted to be responsible for cost savings of over $8B per annum.
All of this is only capable with Natural Language Processing (NLP) technology that is set to revolutionize banking and insurance services through conversational banking, as applied in transactions such as trading stocks or making payments, with a simple voice command. Hear how Active.Ai, together with Amazon Web Services (AWS), is helping financial services companies accelerate their digital transformation, enabling the shift in their AI-enabled services from being reactive and transactional to becoming proactive and predictive powered by the cloud – making the conversation between people and bots more intuitive.
Talking points in an interview with Ravishankar, CEO and Co-founder, Active.Ai, on:
- Transforming the customer experience in FSIs with AI
- How banking is made easy on the cloud with conversational AI platforms
- How AI addresses challenges in the FSI to solve problems in e.g.: fraud prevention, automation and lending