The five habits of successful data-driven financial institutions

If you’ve been following the financial services scene lately, chances are high that you’ve seen plenty of talk about chatbots, virtual assistants, and other forms of artificial intelligence (AI). These advanced technologies promise to be a big part of banking going forward, and for good reason: They make the entire process simpler and more intuitive. Who doesn’t want to skip phone trees and get straight to the answer they’re seeking? That’s what chatbots and virtual assistants offer.

Unfortunately, many people mistakenly believe that the path to chatbots and virtual assistants consists solely of offering those products to end users. The belief is that once a chatbot is available, it will immediately be able to answer the majority of a user’s questions. Just plug it in and watch it go to work.

In reality, what gets overlooked is that any product that offers advanced technology is only as good as the foundation of data on which it rests. You can have the smartest chatbot in the world, but if it isn’t built on a structured database it won’t return the right answer. Even simple questions about branch hours and loan rates require the right building blocks.

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