Artificial Intelligence (AI) offers many inherent benefits to companies such as increased productivity and increased efficiency. However, it can also be used to build (or re-build) trust with consumers via empowered self-resolutions, uniform compliance to protocols and transparent recordings of all transactions. This trust-building functionality is particularly vital in industries that deal with highly personal services such as finance.
Following a number high-profile scandals, The Banking Royal Commission in Australia was established to investigate misconduct in the country’s banking sector, concluding with a final report issued this past February. As the industry now looks to reestablish its reputation with the public, one highly logical avenue of restoration leads through AI-powered automation. The Australian Financial Review (registration required) recently highlighted the potential of our industry-leading virtual agent Amelia to do just that.
“All the banks here will tell you that after the Royal Commission report they’re working on restoring trust,” says IPsoft’s Chief Commercial Officer Jonathan Crane, who was interviewed for the piece. “You do that through compliance and monitoring from a regulatory standpoint.” Indeed, Amelia is uniquely suited to assist companies in highly regulated sectors such as banking through the delivery of transparent, consistent and personalized experiences that can be quickly modified to match evolving compliance protocols.
The AFR feature goes on to highlight IPsoft’s history, our plans for the Australian market and other issues related to the AI landscape overall. Jonathan goes on to directly address ongoing fears that intelligent technologies will replace human workers, reiterating how — just like past technological shifts — AI benefits workers by automating menial high-volume, low-business value tasks. “I think we’ll see more and more use of technology in partnership with humans,” he says. “We don’t want to mistake AI implementation for job elimination.”