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Digital Assistants in Banking are on the rise says Deltec Bank, Bahamas

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Digital Assistants in Banking are on the rise says Deltec Bank, Bahamas

December 06
09:08 2019
Digital Assistants in Banking are on the rise says Deltec Bank, Bahamas

Deltec Bank Bahamas
According to Deltec Bank, Bahamas – “Digital assistants never stop working, so customers can receive assistance whenever needed.”

The rise of digital assistants in banking is the result of artificial intelligence (AI) being adopted by the financial industry. This article will explore how digital assistants affect the banks that use them. 

Greater Efficiency   

Virtual assistants can be used for back-office duties, which liberates humans from monotonous tasks and allows bank employees to accomplish more. 

Digital assistants can also take care of basic customer service requests. This provides human agents with more time to resolve complicated issues.

Quicker Customer Service

According to Deltec Bank, Bahamas – Digital assistants never stop working, so customers can receive assistance whenever needed. In addition, simple issues get resolved quickly which increases customer satisfaction. 

For example, having to reset a password is a minor issue that can be handled by digital assistants.  This eliminates the need for customers to make a trip to the bank or call and wait on hold.

Customers also have a variety of options for contacting virtual assistants, allowing them to pick what is most convenient for them.  These options include:

  • Chat
  • Phone
  • Email

Superior Capabilities

Chatbots have served businesses well, but digital assistants in banking take this technology a step further.  Here are a few examples of what virtual assistants can do: 

  • Carry out more complicated tasks, such as assisting with mortgage applications.
  • Use Natural Language Interface (NLI) to learn how to handle the same customer request presented in a multitude of ways.
  • Keep up with several requests from a single customer without having to start over. 

Enhanced Customer Behavior Insights

Artificial intelligence can process and spot trends in large amounts of data. These trends reveal which transactions are completed most frequently and which customers are making those transactions. 

Armed with this knowledge, banks can target those consumers with customized campaigns that best appeal to that group.  

Increased Security

AI’s ability to mine data can also heighten a bank’s security measures by alerting banks to abnormal activities.  When notified, human employees can look more closely at the situation and take the necessary actions.

Continued Improvements of Digital Assistants in Banking

Although not yet perfected, AI is always learning.  With this capacity to keep learning, digital assistants in banking become more effective as time goes by. 

Here’s how it works:

  • When a certain request is not understood by digital assistants, human employees take over. 
  • The actions taken by the employees teach virtual assistants how to handle similar situations in the future.

Digital Assistants Contribute to Relevancy

In a world where changes are constantly taking place, it’s important to keep up.  Digital assistants in banks make it easier for these financial institutions to stay current and offer better, quicker service. 

In addition, employees can focus on work that is more stimulating than boring, monotonous tasks.  This will make employees happy, and happy employees are more likely to excel in their work.

Banks that feel threatened by fintech companies must consider how to keep up and stay relevant. Using digital assistants can help banks accomplish that. Otherwise, fintech companies could take over the financial industry and make traditional banks obsolete.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media Contact
Company Name: Deltec International Group
Contact Person: Media Manager
Email: Send Email
Phone: 242 302 4100
Country: Bahamas