As the AI revolution quickly accelerates, its impact has been felt across multiple industries, including financial services. It’s a new world, and businesses are wondering how to navigate this technology. Bank leaders are considering the big question, “How will AI transform banking?” For employees, augmented intelligence — which aims to support human tasks with AI-powered tools and assistance primarily on mobile devices — is a good place to start.
Although AI in banking may still seem like it’s in its infancy, this technology can improve the working lives of bank employees and the valued clients they serve. Here’s how banks can use augmented intelligence to advance their operations and help employees deliver a higher standard of customer care.
Mobile AI enhances bank employee productivity
Banks and branches are already leveraging mobile devices, including phones and tablets, to enable hybrid work, boost employee engagement, improve productivity, reduce costs and improve talent acquisition and retention. These businesses are in an ideal position to empower an AI-forward banking workforce that propels an ideal creative and collaborative environment. In doing so, they can unlock powerful competitive advantages.
With dynamic mobile AI in their pocket, employees can leverage their unique talents and expertise far faster and more efficiently. A bank employee can use AI features on their mobile device to summarize or organize notes from an important client meeting. With quick access to the most relevant insights, they can knock out action items in rapid fire from anywhere — whether at a branch, working from home or en route to a client meeting.
Bank and branch employees often have to sift through a large amount of complex information as part of their daily responsibilities. AI features, such as Circle to Search with Google on Samsung Galaxy S24 Series devices, for example, let users search for information about what they see on their screen — including images, videos, or text — using a simple gesture with their finger. Bank employees can use this feature to retrieve product information for a customer quickly, conduct research before an important client meeting or answer customers’ questions about financial terms. With assisted intelligence on their mobile browsers, employees can give customers precisely the support they need, even when complex and unexpected questions come up.
AI in banking streamlines client communication
According to an IDC infographic sponsored by Samsung, Bridging the Digital–Human Gap in Banking, the second most important challenge facing banks is effective communication and collaboration among branch employees.1 AI in banking can help employees efficiently communicate with clients, allowing them to service a larger number of clients without compromising the quality of service they provide. For example, AI-enhanced features, such as Chat Assist and Live Translate, can help bank or branch employees adjust the tone of an important business email, helping ensure it is professionally worded and received as intended.
With the global nature of banking, AI can even help banking employees communicate more effectively in a foreign language. AI-powered chat translation features can recognize a foreign language in a text or chat app and translate it instantly. From there, the employee can type out a response in their preferred language and have it immediately translated into the recipient’s language.
Similarly, AI-enabled call assist features can translate a voice call in real time, so everyone involved can participate. Or, if someone arrives at the branch and no one speaks their language, live translate features can transcribe the conversation for everyone in person. With the language barrier removed thanks to AI, branch employees can focus on delivering the best possible customer care.
Security concerns about AI in banking
As finance and banking professionals consider how AI will transform banking, they raise important regulatory and security concerns, particularly the complex nature of algorithms, employees’ lack of experience with these technologies, and what this might mean for the industry regarding issues like credit risk management and regulatory compliance. It’s essential for banks to use advanced mobile AI tools from trusted brands that offer support and protect sensitive financial data from falling into the wrong hands, helping maintain regulatory compliance.
The AI impact
Mobile AI is a new technology, but it is already making a positive impact. Bank employees can use these intelligent tools to accelerate their work, communicate more effectively and deliver satisfying service — all while staying secure. Banks that take advantage of these powerful AI capabilities can boost productivity, improve employee engagement, set new customer experience standards, and stand out from the competition.
Learn more about the financial services industry and how Samsung solutions can help transform your business.
1IDC Infographic, sponsored by Samsung, Bridging the Digital–Human Gap in Banking, #US52023624, May 2024.
