- Andre Yunque
3 Ways Cognitive Computing Can Benefit Banks
Always wondered how banks can use artificial intelligence to their benefit? Well, the IBM Institute for Business Value (IBV) wondered the same thing and apparently, it found three interesting ways cognitive computing can both boost banks and make their customers happy at the same time.
Here they are, in no particular order, according to IBM via Forbes:
Deepen customer engagement. According to IBV, a cognitive bank would be able to provide customers with more personalized services through “deeper insight, context and learning.” How so? Robots! Customer service robots – or virtual agents – that understand speech, gestures, and even expressions “can serve, guide and advise customers” online, and because they can learn one’s preferences and interpret their questions, they can purportedly provide a better service over time.
Reshape operations. You don’t need to be a banker to understand that banks are complicated things chock-full of regulatory, risk, and operational problems – they’re just as thorny as they come. Cognitive computing can supposedly help banks in these areas, though. As IBV notes, a cognitive bank can not only align “policies, procedures, controls and standards across an organization to meet regulatory requirements,” but also understand a bank’s entire client base individually, with “comprehensive knowledge of both existing and proposed banking regulations across continents, countries, states and provinces.” Imagine the potential there.
Enhance decision-making capabilities. What happens when you literally know your clients like the back of your hand? Yup, that’s right. Now imagine that but on a much larger scale – the insights would be enormous. A bank’s wealth managers would be able to advise clients more accurately, it’s business processes could potentially be accelerated, and the “best credit offerings can be designed for a client, as can other products suited to individual needs.”