Accenture: Bankers believe AI will dominate banking within 3 years

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The Accenture Banking Technology Vision 2017 report from Accenture finds that bankers believe AI will revolutionise the way banks gather information and interact with customers.

In the next stage of AI adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new survey of over 600 bankers, from Accenture.

In turn, the report suggested that in three years artificial intelligence (AI) will be the main way banks interact with their customers. 76% of those surveyed felt that within three years banks will deploy AI as their primary method for interacting with customers.

More than three-quarters (78%) of bankers believed that AI will enable simpler user interfaces that will help banks create a more human-like customer experience. In addition, four out of five respondents felt that AI will revolutionise the way banks gather information and interact with customers.

“Consumers’ diverse needs and priorities are forcing financial services firms to redefine how they interact with them to determine the best products and services to meet individuals’ needs,” said Alan McIntyre, a senior managing director at Accenture and head of the company’s Banking practice.

“AI-enabled tools can help banks identify consumer preferences and empower their workforces to react with insight and emotional intelligence, which is essential for the development of meaningful consumer relationships. The challenge will be how quickly banks can implement these new technologies, many of which are not compatible with their existing IT infrastructure.”

In traditional banks, basic transactions continue to migrate from physical to digital channels, leading to major changes as banks redesign their branch networks and enhance their digital footprint.

Four out of five bankers surveyed expected AI to accelerate technology adoption throughout the organisation, providing their employees with the tools and resources to better serve consumers.

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