With the rapid acceleration of technology, we are undergoing an exciting period in the modern history of Artificial Intelligence (AI) in the financial services industry. On December 8-9, 2021, I had the wonderful opportunity to attend the AI Summit, an event held globally to focus exclusively on the impact of Artificial Intelligence (AI) in the business industry.
The conference brought together industry advocates and the challenger brands to show how AI is playing a larger role in financial decision-making, transforming the structure of financial systems, unleashing new sources of business value, and leading to greater financial inclusion.
It was fascinating to hear from financial giants including Wells Fargo, Truist, and Bank of America as they shared their digital transformation stories. Keynote speakers included representatives from PepsiCo, JP Morgan, Adelleway, Wells Fargo, Walmart, Procter & Gamble, BNY Mellon, and many more who presented deep-dive sessions into their AI use and took part in interactive polls, thought-provoking roundtables, and Q&A sessions.
Entering the exhibit hall, I explored quick-fire Innovation Showcase demonstrations designed to help financial institutions streamline and optimize their processes. Some of these solutions included AI-powered Machine Learning, Deep Learning, and Data Analytics Platforms. When looking specifically at the finance industry, these tools could be used to detect changes in customer behavior; perform smart due diligence and KYC; automate workflows for the monitoring and investigation process of real-time transactions; and reduce human error and bias.
I was blown away by the introduction of the new digital workforce designed to accommodate 24/7/365 bankers’ hours necessitated by faster payments. The demand for immediate, round-the-clock customer service will be expected by end users. Innovators have created Digital People with incredibly lifelike, emotionally responsive personality and character, allowing machines to literally talk to us face-to-face!
Digital people are designed to speak just like humans do and in 12 different languages and multiple dialects. They see through the camera, allowing their “Digital Brains” to react to facial expressions and mannerisms and respond accordingly in real time. They hear through the microphone, and instantly process an appropriate conversational response. They can understand human emotions through facial expressions and tone of voice and can show empathy.
In a conversation, Digital People can imagine potential outcomes, weigh criteria, and make decisions about what they say next. In addition to speech, they understand how to communicate with their faces. They can express attentiveness, openness, thoughtfulness, optimism, and a whole range of human emotions and expressions. They can learn through interaction with users or through input from the company they represent. They can also feel the intent of the user through a touchscreen and are able to touch and interact with virtual objects.
The digital paradigm shift has accelerated transformation to building and sustaining digital advantage. As embedded engineers seek smarter ways to ingest, analyze and leverage data, experts expect the new generation of smarter hardware to dominate many existing processes and IoT devices. Financial institutions and businesses alike will need to learn to take a holistic approach infused with AI as a way for your organization to resiliently respond to change; flexibly optimize productivity; and intelligently operate and engage.