Conversational Artificial Intelligence (AI) is revolutionizing banking one use case at a time. Everything from account management to mortgage processing has become much simpler thanks to digital colleagues, such as IPsoft’s Amelia.

With our 1Bank solution, customers can engage with banks via Amelia’s natural language interface, which features emotional intelligence, business process memory and even a sense of humor (if you’d like Amelia to have one). She’s also capable of executing financial management tasks with limited-to-no human intervention (e.g. transfers, mobile payments and scheduling recurring transactions) — all through conversation. Long gone are the days when customers had to wait on hold while customer service reps solved one service issue at a time. Forget about waiting in line at a retail branch. Today, Amelia handles hundreds or thousands of banking interactions at scale.

Martin Linstrom, the Managing Director of IPsoft UK and Ireland, examined the many ways in which banks are using AI to improve customer service and drive down service costs in a recent article posted on The European Financial Review’s website. “With AI, employees can shift their routine tasks into the hands of an AI-powered assistant and be retrained to perform new types of work that is more complex, interesting, and ultimately more fulfilling,” Linstrom wrote.

“By digitising back office functions such as finance and HR, and integrating virtual assistants to answer customer service queries, banks are making enormous cost savings,” he wrote.

To read more about how AI is disrupting the banking industry, be sure to read Martin’s article here (free registration required).