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Wells Fargo has created a team to develop artificial intelligence-based technology and selected a lead for its newly combined payments businesses as part of an ongoing push to strengthen its digital offerings.
According to project leader Avid Modjtabai, the goal is to “redefine the next generation of capabilities and offering, and to prioritize research and development that elevates the customer experience”. He states that customers want new types of services that make banking and managing finances convenient and easy, allowing them to interact with the bank whenever and however they want.
Financial institutions see artificial intelligence as a way to improve customer experience and automate routine back-office processes, which could help save money and let employees focus on value-added activities related to the customers. Wells Fargo's AI team will work on creating technology that can help the bank provide more personalized customer service through its branches and online.
Wells Fargo sees three major opportunities in AI. First, through speech recognition technology, helping customers complete transactions while driving. Also, improving customers experiences interacting with technology such as Facebook Messenger. Lastly, providing a more personalized experience by anticipating customers’ needs.
Georgina Bastidas | MBA5320
I think this is a great idea. With technological advances, artificial intelligence could make banking a lot more efficient than before, and it could reduce human errors, making the banking experience more satisfying for customers.
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