How Banks & Credit Unions are Improving Financial Accessibility with interface.ai

As technology continues to rapidly transform the financial landscape, one key issue continues to demand attention: financial accessibility. According to a recent survey by Accenture, 46% of consumers in the U.S. express frustration with the accessibility of their banking services, highlighting the urgent need for greater financial access.

At interface.ai, we believe that fair access to financial services should be universal, not limited by language, demographics, or technological barriers. That’s why financial accessibility is a foundation of our platform and mission. Our AI solutions are built to ensure equal access to all customers and members as we strive to democratize financial services and foster greater financial inclusion.

This blog will explore why financial accessibility is so vital – not only for the benefit of consumers, but for banks themselves too. We’ll also dig into how interface.ai helps financial institutions improve financial accessibility with this principle at its core.

The need for financial accessibility

Financial accessibility isn’t just a matter of consumer convenience – it’s a necessity for economic equality and institutional growth. Financial inclusion, defined as universal access to affordable and useful financial services, is more than a trend; it’s essential to closing the wealth gap and promoting economic stability.

According to the FDIC, about 5.4% of U.S. households were unbanked in 2021, with a significant portion belonging to minority communities, including Hispanic and Latino populations. Language barriers and limited access to financial services contribute to these numbers, leaving millions of people underserved.

For financial institutions, the question arises: Can we improve financial accessibility and serve these communities while also benefiting our bottom line? The answer is a resounding yes. A report by EY suggests that banks focusing on accessibility and inclusivity can unlock growth, restore trust, and boost profits.

“By providing affordable and relevant financial products to individuals and businesses … banks will both unlock growth and meet a critical societal need.”

– EY, ‘How banks can play a stronger role in accelerating financial inclusion’

Similarly, financial institutions that actively support their customers’ financial wellbeing also foster deeper and more loyal relationships. According to Gallup’s recent financial services research, customers report higher levels of financial wellbeing when they strongly agree that their bank:

• helps them reach their financial goals
• understands their financial situation
• makes it easy for them to manage their finances
• helps them make better financial decisions
• offers solutions to meet their financial needs

This report also found that this opinion varied by gender, age, marital status, race/ethnicity, and income and employment status:

• Gender: Women are more likely than men to feel supported in their financial wellbeing
• Age: In general, older customers are likelier than younger customers to feel their bank supports their financial wellbeing.
• Marital status: Customers who have been married report more financial wellbeing support from their banks than unmarried customers do.
• Race/ethnicity: More white customers strongly agree with four or more of the financial wellbeing statements than customers in any other racial or ethnic group. African-American women are much less likely than white women to strongly agree with at least four of the financial wellbeing statements.
• Income and employment status: People of modest means have greater agreement with the financial wellbeing statements than do the wealthiest customers.

This is where interface.ai steps in, ensuring these needs are met universally, across all member demographics.

How interface.ai is spearheading financial accessibility

1. Democratization of financial advice: Driving accessibility with intelligent AI

interface.ai’s voice, chat and copilot AI delivers personalized financial advice that significantly improves financial accessibility. Its One Conversational AI Brain is at the heart of this personalization. This AI platform is built on an extensive, centralized data repository and processing engine that aggregates domain-specific data from over 1.5 million interactions daily across various channels, including voice, chat, and mobile apps.

Data aggregation and analysis: Every interaction a member has with their financial institution is securely recorded, processed, and analyzed by the AI engine. This data includes everything from basic account inquiries to complex financial transactions. By collecting such a vast array of data points, interface.ai’s AI gains a deep understanding of each member’s financial behavior, preferences, and goals.

Tailored financial advice: Leveraging this rich dataset, the AI can deliver personalized recommendations tailored to each member’s specific financial situation. For example, if a member frequently asks about savings accounts and shows a pattern of consistent deposits, the AI might suggest a higher-yield savings option or investment products that align with their financial goals. Similarly, if a member’s spending patterns indicate they are close to maxing out a credit card, the AI could recommend debt consolidation options or notify them of potential penalties before they occur.

This level of personalization is crucial for enhancing financial accessibility because it ensures that all members, regardless of their financial literacy or experience, receive advice that is both relevant and actionable. It eliminates the one-size-fits-all approach that many traditional banking systems rely on, making financial services more approachable and beneficial for all.

Proactive engagement is another powerful feature of interface.ai’s platform that helps to improve financial accessibility. Rather than passively waiting for members to interact, interface.ai’s Sphere for Customers can take a proactive stance by sending timely reminders about important financial tasks. For example, Sphere can notify members about upcoming bill payments, helping them avoid late fees and penalties. It might also send alerts if it detects unusual activity on their accounts, protecting them from potential fraud. Similarly, if Sphere identifies that a member is consistently saving money, it might suggest a savings account with a higher interest rate or an investment opportunity that suits their risk tolerance.

These proactive measures ensure that members are not just reacting to their financial situations, but are actively managing and improving their financial health. By engaging members before issues arise or needs go unmet, interface.ai’s platform enhances financial accessibility, particularly for those who might not have the time, knowledge, or confidence to seek out financial advice on their own.

2. Breaking language barriers: Native English & Spanish Voice GenAI

interface.ai’s commitment to financial accessibility extends beyond just offering advanced AI-driven services; it also involves breaking down language barriers that have traditionally excluded non-English speaking communities from fully participating in the financial system.

In an industry-first development, interface.ai introduced the only Spanish-language Generative AI voice banking assistant for financial services. This innovation is particularly significant for financial institutions with a diverse customer base that includes a large number of Spanish-speaking members. Traditionally, these members have faced challenges in accessing banking services due to language barriers, which can lead to misunderstandings, mistakes, and a general reluctance to engage fully with their financial institutions.

interface.ai’s native Spanish voice assistant can understand the cultural nuances and linguistic variations within the Spanish-speaking community. This means that the assistant can handle regional dialects, idiomatic expressions, and cultural contexts that are often missed by basic translation services. This ensures customers and members receive the best possible experience when managing their finances.

Find out more about the industry’s first Spanish language voice banking assistant powered by GenAI.

3. 24/7 availability across touchpoints: Meeting members where they are

interface.ai’s AI-driven solutions are available 24/7 across various channels, including voice, chat, and mobile apps. This omnichannel presence ensures that members have constant access to their financial services, regardless of the time of day or their location. Whether a member is at home, on the go, or in a different time zone, they can access personalized financial advice whenever they need it.

This continuous availability helps to break down barriers that traditionally exclude certain groups from financial participation. Members who might have struggled to find time during regular banking hours, or those who live in areas with limited physical banking infrastructure, can now manage their finances more effectively and efficiently. This ensures that financial advice is not only personalized but also accessible to a broader range of people, enhancing overall financial accessibility.

Imagine a member who works night shifts and typically finds it challenging to access financial advice during standard banking hours. With interface.ai’s 24/7 availability, they can receive personalized, real-time financial guidance through their preferred channel, whether it’s via a mobile app during their break or through a voice assistant at home after their shift. This level of accessibility ensures that every member, regardless of their schedule, can make informed financial decisions when it matters most.

Wrap-up

By harnessing the power of Generative AI, interface.ai is setting a new standard for what financial accessibility should look like. The commitment to breaking down barriers, whether linguistic, physical, or cultural, while simultaneously offering highly personalized and intelligent financial advice, positions interface.ai as a leader in financial accessibility and fair access to financial services.

See how this financial accessibility works in action in this demo of Sphere – our Generative AI Copilot that is revolutionizing banking through intelligent guidance, innovative plugins, and personalized AI assistance.