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Finance Industry Braces Innovative Technological Leap such as AI Integration to Cope with Testing Times

With Covid-19 pandemic transforming several sectors and workflow structures significantly, advances in social distancing practices, work from home culture and contactless communication have offered ample reasons to usher new technological breakthroughs. In this regard, voice automation has emerged as the next big technological milestone, encouraging substantial investments on the part of new market participants, finding their way in disrupting competition.
In a recent development, new market participant, essentially a start-up in voice automation, is lately witnessing tremendous breakthrough in adoption across the globe. The entity is best known for its high end solutions in automated call center queries to meet customer expectations. The services are available in multilingual options. With COVID-19 pandemic looming large and consequent halt in businesses, automation takes the center stage to address customer demands, also mitigating the challenges of interrupted communication.
The sudden transformation to remote working conditions with overnight lockdown coming as a potential rescue for COVID-19 has spurred reliance on automation.
AI mediated credit decisioning processes is an age-old practice that are used extensively to draft questions based on customer behavior in the past, transactions in recent times as well as loan deposition. It is estimated that in 2020 and henceforth, Automated Banking Assistants will be the norm of business transactions across banks and financial institutions favoring operational efficiency. Banks are akin on launching a full scale range of automated banking assistants to enable logical financial management of customers, allowing them to avert challenges of grey spending. These chatbots are designed to minimize customer reliance on external apps to thus enable a safe and quick access onto customer spending liabilities.
One recent addition to this elite wagon of automated banking assistants is Bank of America’s Erica that has single handedly acquired over a million users in just sixty days of its launch and is known for constant assistance in monetary transactions, generation of transaction summaries and the like.