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Why do AI projects in finance fail to deliver ROI? Despite the billions poured into artificial intelligence, nearly 40% of financial services CIOs admit their AI initiatives failed to achieve positive ROI in the last year. Why is this happening? It’s not about the technology itself—it’s about strategy. Success hinges on aligning AI with business goals, leveraging high-quality data, and focusing on the right use cases.
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The Rise of Virtual Assistants: AI’s Impact on Banking Customer Care
An AI virtual assistant is an option chosen in banks more frequently. It is so, due to the fact that using generative AI in customer support helps banks reduce their operational costs, improve response times, and personalize customer experiences. Let’s look into this in more detail.
The Future of AI in Banking Customer Service: Trends and Innovations
AI has become a valuable ally in the world of banking. It is widely used for data analytics due to its supreme data processing capabilities. Yet, it’s not the only function of artificial intelligence in financial institutions. Customer service teams also benefit from AI, improving the speed and accuracy of their responses and enhancing customer experience. This is why, in this article, we shall look at what the future holds for artificial intelligence in banks and their customer service departments – we invite you to read on!
LiveBank’s expertise in cloud and AI banking at Money20/20 USA
Explore the world of cutting-edge banking innovation with LiveBank at Money 20/20 USA 2023. Join us as we delve into the transformative power of cloud and AI in shaping modern banking.
Asynchronous Communication: The Key to Servicing Modern Customers
Mobile phones have become the norm, and individuals are accustomed to conversing with others using social messengers such as WhatsApp, Facebook Messenger, and others. As a result, asynchronous communication is becoming increasingly prevalent. However, this comes at the expense of other ways of communication, such as regular phone conversations and emails. Are we, therefore, on the brink of a revolution in social communication, in which we no longer require the other person to make time for us to speak with them?
Human Support vs. AI Bots in Customer Service
The number of AI-driven solutions helping organisations improve customer communications grows every year. Sending specific queries to a bot helps customer service centres increase their efficiency. In addition, customer behaviour and expectations are changing regarding customer service.
How Livebank Supports Cloud Banking Transformation?
The rapid increase in interactions in digital media was an enormous challenge for the Banks, both in terms of organization and technical resources. The procedures for acquiring new technological solutions have also changed. The availability of the LiveBank cloud solution is a natural response to the changing and more demanding market environment.