For years, digital banking has focused primarily on helping customers complete transactions. That’s changing thanks to artificial intelligence, as banking apps are now able to offer ongoing guidance based on a customer’s financial activity. Examples include alerting customers to potential overdrafts, identifying subscription price increases, and suggesting debt repayment strategies. A number of large institutions have expanded their digital assistants to support these types of features.
Do your digital tools help customers beyond completing transactions? How are you thinking about financial guidance provided by AI versus guidance provided by human advisors? What sort of governance and oversight will be needed as AI takes on more customer interactions?