Digital transformation in banking started well before the pandemic, largely due to standards being raised by companies such as Facebook and Netflix and competing organizations entering the financial services picture. These organizations range from mobile payment services, such as Venmo and PayPal, to tech giant Amazon, where 65 percent of its Prime members say they would sign up for a free bank account with the company.
COVID-19, however, has forced an even faster and more widespread shift as customers across the spectrum demand more contactless services.
Many banks are successfully using AI-based platforms and tools with predictive and adaptive analytics to digitally deliver a personalized customer experience. But these same innovators need to consider that understanding the products and services that suit a customer’s needs in the moment may not be enough. Consumer demands will continue to rise, as will expectations that providers should be able to predict future needs and meet them in real-time.
Intelligent automation (IA), which integrates artificial intelligence, machine learning, analytics, and robotic processing automation, can capture the data that manages customer interactions and provide greater accuracy and faster response times than AI alone. But many institutions are hampered by complex legacy systems. Migrating away from these systems will take time and technical expertise, both of which are in short supply.
In response, low-code/no-code platforms and tools are growing in popularity to augment legacy systems, accelerate the software development process and implement IA on a larger scale.