This past year was a busy one for the fintech industry with many new innovations and emerging trends. We took a look back on 2019 and found that our readers were most interested in the use of robots and chatbots in the retail banking sector, the positive and negative impacts of artificial intelligence (AI) and machine learning (ML) in the financial services industry, and the future of life insurance using data and the cloud. Continue reading to find out more.
RETAIL BANKS TURN TO IMPLEMENTING CHATBOTS, ROBOTS, AND AI TO ENGAGE CUSTOMERS
Retail banking continued to rapidly transform in 2019. The move toward embracing powerful digital technologies was inevitable and critical to customer satisfaction. To stay modern and relevant, bank branches turned to chatbots and robots like SoftBank Robotics’ “Pepper” to improve the customer experience and overall consumer satisfaction. “Banks, certainly at physical retail, are going through some of the challenges that all retail is going through,” said Jeremy Balkin, Head of Innovation at HSBC Bank USA. “Except banks aren’t really doing anything to make the interactive experience anything that’s even remotely wanted, or exciting, or gamified, or pleasant or, frankly, inviting.”
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AI AND ML – CONSIDERATIONS FOR FINTECH
Both AI and ML have taken the financial services sector by storm in the past few years and primarily in 2019. While there are many obvious benefits to using these innovations there’s also negative impacts. Navin Sharma, Vice President, Product Management at Pitney Bowes shared his thoughts on taking a “black box” approach when using AI and ML techniques to the process of entity resolution. “The best approach is one that does not automate the process of resolving entities within a black box, but one that can use the intelligent techniques to furnish the subject matter expert with the best set of rules to apply to resolve those entities.”
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BUILDING THE LIFE INSURANCE POLICY OF THE FUTURE: HOW DATA, AI, AND THE CLOUD ARE CHANGING AN INDUSTRY
Industry experts have noticed a drastic change in the underwriting process for life insurance policies thanks to cloud-based technologies, AI, and innovative insuretech that leverages critical data. What once took weeks, and sometimes months, to issue a policy has significantly decreased. “Changes to how life insurance policies are written have been on the horizon for several years now, but have moved slowly to adoption, up until this point,” shared industry consultant Tom McCarthy. “However, now, with multiple data streams available, and tools like predictive analytics, data mining, prescription profiles, and even mortality-predicting facial recognition technology, the pace of change and innovation is speeding up.”
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