Artificial intelligence (AI) is no longer the stuff of science fiction movies. It is increasingly becoming a part of our everyday lives; from the way we interact with our smart devices to the way businesses operate. The financial services industry is one that stands to benefit greatly from the adoption of AI virtual assistants. Here’s a look at how AI can help financial services providers improve their operations.
How AI Virtual Assistants Work
An AI virtual assistant is a computer program that is designed to simulate human conversation. It does this by recognizing patterns in human speech and then responding accordingly. The most advanced AI virtual assistants are able to carry on very realistic conversations, making them ideal for businesses that need to interact with customers on a regular basis.
One of the main benefits of using an AI virtual assistant is that it can free up employees’ time so they can focus on more important tasks. For example, if a customer service representative spends most of their time fielding routine questions about account balances and account numbers, an AI virtual assistant can be used to handle those inquiries instead. This frees up the customer service representative to handle more complicated issues that require a human touch.
AI virtual assistants can also be used to provide recommendations or take action on behalf of the user. For example, if a financial advisor receives an email from a client asking about investing in a particular stock, the AI virtual assistant can research the stock and provide its recommendation within seconds. This kind of speed and accuracy is simply not possible with human employees.
The financial services industry is one that is primed for disruption by artificial intelligence (AI). With the help of AI virtual assistants, businesses in the financial services industry can improve their operations in a number of ways. From providing recommendations to taking action on behalf of users, AI virtual assistants have the potential to revolutionize the way financial services providers do business.