Banks Rely on Specialized Vendors for Online & Mobile Banking – It’s Time to Do the Same for AI Self Service

Online and Mobile Banking (OMB) has become a ubiquitous self service channel across the finance industry. As banks began launching their OMB solutions, the decision to partner with a specialized vendor was obvious.

These vendors, like Fiserv or Jack Henry, brought deep industry knowledge, ensuring that the mobile banking platforms were not only secure and compliant with financial regulations, but also tailored to meet the specific needs of the industry.

So this raises the question: If it’s a no-brainer to adopt an industry-specialist vendor for OMB self service, then why isn’t it for AI self service?

This blog will delve into why banks and credit unions must adopt specialized AI self service vendors over generic, industry-agnostic AI from both CCaaS and AI providers.

The evolution of self service

For years, Online and Mobile Banking has been the cornerstone of self service in the financial sector. It allows customers to perform transactions, check balances, and manage their accounts on their own terms. The success of OMB is not just a testament to the convenience it offers, but also to the expertise of the specialized vendors who develop and maintain these platforms. These vendors have built specialized technology specifically for banks and credit unions, and understand the complexities and needs of the industry.

Now, another critical self service channel is emerging out of the development of AI – voice and chat assistants. These AI-powered tools are transforming how customers interact with their banks, offering instant support and personalized advice. However, while this AI technology is newer, the need for specialized vendors to provide it remains the same.

Why banks and credit unions need specialized AI vendors

Banks choose Online and Mobile Banking software from specialized vendors for the best self service experience – so why would you do anything different for AI self service? Here’s why all financial institutions need a specialized AI vendor, like interface.ai, rather than a generic solution from a CCaaS or industry-agnostic AI provider.

1. Deep industry expertise

Generic AI vendors, including many CCaaS providers that offer bolt-on AI, are designed to cater to a broad range of industries. While this might offer versatility, it typically means that their solutions lack the depth needed for specific financial use cases. These vendors may not fully grasp the complexities of banking regulations, the importance of security, or the nuances of customer interactions in a financial context. This lack of focus creates generic AI solutions that can’t fully cater to the specific needs of banks and credit unions.

interface.ai, on the other hand, is an AI provider purpose-built for financial services. Every aspect of its AI-powered voice and chat solutions is tailored to meet the unique challenges and opportunities in banking. From understanding regulatory requirements to anticipating the needs of customers, interface.ai offers a depth of expertise that generic providers simply can’t match.

This deep understanding translates into AI systems that are more accurate and deliver higher levels of automation. Take Great Lakes Credit Union as an example, who enjoy a 75% call containment rate after-hours with interface.ai’s Voice AI Assistant.

2. Tailored AI solutions

Because Generic AI solutions and CCaSS vendors cater to a wide range of industries, they offer shallow use cases that lack the depth of functionality needed to address the needs of banking. In contrast, specialized AI vendors like interface.ai offer solutions specifically designed for banks and credit unions.

interface.ai’s domain experts have developed pre-trained AI solutions that are designed around banking challenges and goals, and can understand the contextualities of banking conversations. This drives richer functionality, accuracy, and personalization, further boosted by interface.ai’s superior data quality. interface.ai’s multiple Large Language Models (LLMs) are trained on domain-specific data so its solutions can understand the complexities of banking interactions. Read more about interface.ai’s industry-leading unified, domain-specific data lifecycle management.

For instance, interface.ai’s AI-powered voice and chat assistants can offer tailored recommendations to customers, from suggesting a new savings account based on a customer’s spending habits or providing insights into investment opportunities based on their long-term financial goals and risk tolerance.

This tailored approach not only enhances the AI’s ability to handle complex financial tasks, but also ensures that it aligns seamlessly with the institution’s existing systems and processes. More on this in the next point.

3. Pre-built integrations with core banking systems

A significant advantage of choosing a specialized AI vendor is the ease of integration with existing core banking systems. Because generic AI solutions are designed to serve a broad range of industries, integrations are built to be as universal as possible. This means they often lack depth and specificity, resulting in shallow integrations.

In contrast, interface.ai’s solutions come with pre-built integrations for all major core banking platforms, ensuring that your AI self service solutions work seamlessly with your existing infrastructure. This doesn’t just significantly reduce implementation time – it also ensures that the AI has access to all the necessary data to provide accurate, relevant, and personalized responses.

For example, interface.ai’s AI can pull real-time data from your core banking system to provide customers with up-to-date account balances, recent transactions, and personalized financial advice. This level of integration ensures that your AI system is always in sync with your core banking operations, providing a seamless experience for your customers.

4. Enhanced industry security and compliance

Security and compliance are non-negotiable in the financial sector. As a specialized AI vendor built for banking, interface.ai provides the highest levels of security and compliance for financial services. It is the only Generative AI solution for financial services that fully complies with regulatory requirements and best practices.

interface.ai offers multi-layered security protocols, including unique trifecta of risk-based authentication that incorporates AI, biometrics, and caller ID. This industry-first approach creates a multi-layered defense system to reduce the threat of data breaches and deep fakes.

Moreover, interface.ai’s solutions are fully compliant with all relevant banking regulations, including those related to data protection and privacy. With deep domain expertise, interface.ai designs AI solutions that not only comply with industry regulations, but also proactively address potential security risks. Learn more about interface.ai’s industry-leading security and privacy compliances.

Wrap-up

Online and Mobile Banking has emerged as a cornerstone of self service, and the decision to partner with specialized vendors with deep industry expertise was clear-cut from the outset.

As we shift into the era of AI self service, the same principle applies. Choosing a specialized AI vendor like interface.ai ensures that your financial institution benefits from tailored solutions designed specifically for banking. With industry-specific expertise, pre-built integrations with core banking systems, and a deeper understanding and compliance to security, interface.ai delivers AI solutions that are as robust and reliable as those for OMB.

To find out more about interface.ai and how it’s become a one-stop shop for financial AI self service, reach out to us for a demo or quick call.