How Cognitive Computing Will Transform the Financial Services Industry in 2021  

2 April 2021:

Banking and financial institutions, in their effort to efficiently serve an increasing number of customers, have been quick to adopt technologies that automate their processes. In addition to automating the back-end and administrative tasks, these technologies have now begun to dominate their customer-facing activities.

These activities include basic banking services like money withdrawals, payments and transfer of funds, bank statement printing, resolving transaction-related issues, and solving account-related queries. People are increasingly becoming aware that they are more likely to deal with machines than with humans when interacting with banks. While they are not averse to this “robotization” of banking, they expect these systems to be as effective, if not more, than the human-driven version. And it is in the banks’ best interests to make these machines more “human” in terms of their ability to interact with customers as well as understand and solve individual customer issues.

Thus, banks are constantly investing in technologies and initiatives to make their interactions with their customers’ more human and convenient. To that end, they are leveraging big data analytics to personalize customer interactions and using AI-powered chatbots to solve customer queries in a friendly, convenient, and efficient manner. The use of cognitive technology in finance will build on these technologies and make banking and finance more efficient while also ensuring a great customer experience by helping in the following ways:

1. Detailed Customer Analysis

Businesses, including those in the finance sector, are already using tools such as big data analytics and machine learning to perform broad market analysis and individual customer analysis to identify their pain-points and expectations.

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Source: BBN Times

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