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How AI Is Helping Banks Improve Customer Service, Security

November 8, 2023

Download the latest Embedded Finance Tracker®, a Galileo and PYMNTS collaboration. 

As generative artificial intelligence (AI) becomes exponentially more sophisticated, the potential of the technology to transform banking has increased apace. 

No longer limited to rote customer service interactions and information fetching, many of today’s intelligent digital assistants are capable of responding to complex questions and requests, anticipating customer needs, offering actionable guidance and helping protect against fraud–and doing it all with a distinctly human touch. 

This robust functionality holds the promise to go beyond improving customer service and satisfaction–to transforming the very nature of how banking is done in the fast-dawning era of digital, contextual financial services. 

3 Ways Conversational AI Optimizes Banking Customer Journeys

Streamlining customer service efficiency. 

Several banks already are leveraging generative AI to power more effective, more efficient digital assistants–and those efforts are quickly bearing fruit. 

For example, just months after integrating Galileo Financial Technologies’ Cyberbank Konecta conversational AI engine, SoFi Technologies Inc. saw a 65 percent surge in response efficiency for customer service interactions, among similar improvements in three other key performance indicators. 

Meanwhile, Nordic bank DNB recently announced that its Juno AI-powered virtual assistant answered more than 2 million customer inquiries last year, assisting a total of about 1,200 users a day. 

A powerful fraud fighter–and more.

For banks, AI can optimize more than just customer service. As financial institutions face rapidly evolving challenges that can stem from increasingly sophisticated fraud, AI is stepping in to offer enhanced detection and safeguard capabilities. 

Earlier this year, Mastercard launched its new AI-powered tool, Consumer Fraud Risk, to combat the growing threat of authorized push payment scams. Several of the United Kingdom’s top banks quickly added the tool to their anti-fraud arsenals, and TSB Banking Group reported a 20 percent boost in fraud detection.

Unlocking the New Banking Customer Experience with Conversational AI

Beyond anti-fraud protections, banks also can use AI to modernize other critical operational elements, from credit decisioning, to predictive financial analysis to navigating compliance requirements. 

PYMNTS Tracker -4
PYMNTS Tracker -4

Want to Learn More?

For more insights on how sophisticated generative AI is transforming banking, download the latest Embedded Finance Tracker®, a Galileo and PYMNTS collaboration.

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