The Future of Banking - AI Chatbot and Blockchain Technology
“Artificial Intelligence and Blockchain work well together for banks and other financial institutions” How many times have you heard this recently? Anyone can approach you with fancy terms like artificial intelligence, machine learning, blockchain, and encryption, and give you a heavy bill for nothing!
How much of this is relevant to your banking business is worth a second thought.
AI Chatbot and Blockchain Technology have created a great amount of constructive disruption within the potential industry. What it struggles with is the right kind of awareness, and we can attribute this to the nascency of it. Banking organizations are not convinced with just big terminologies, the industry needs a thoughtful, empathetic functionality that eases out the woes of a bank, helps them perform day to day banking activities and most importantly caters to their huge customer base, making their banking experience smooth and hassle-free.
The traditional banking system comes with several challenges and with the Fintech’s promise to give an improved digitalized banking experience, the experts expect to see a boom in customer retention while the millennials are absolutely thrilled about the revolution.
Millennials have earlier welcomed cashless transactions, online banking, SaaS trends, real-time banking solutions with open arms. They only want their banking experience to go uphill from here. AI Chatbots and Blockchain Technologies have managed to make the user experience faster, effortless, secure and more cost-effective.
The banking and financial sector have had monumental changes over the last few years, but how much AI Chatbot and Blockchain Technology have contributed in remodeling the banking industry is still quite imprecise. The impact of AI Chatbot and Blockchain Technology on banking is still in its infant stage. Experts in the banking sector have a diverse and mixed opinion on the future of these technologies. We can classify people into three broad categories based on their views on the future of AI Chatbot and Blockchain Technology.
**The Atheist – **They believe these technologies still have a long way to go, before they become mainstream. We are all aware of the inclination many customers have towards traditional banking system. It’s like a coop they refuse to come out of, familiarity of the process and refusal to blend into something new is what stops them to accept the new age AI and blockchain driven banking.
**The Skeptical – **They believe in these technologies and are slowly adapting it, looking at the impact it has on banking customers and their lives. Their faith lies more in AI Chatbot and Blockchain Technology revolutionizing traditional banking methods and not completely scraping it off.
**The Believer – **They believe it is going to erase the existence of banks in the industry. There is still a huge battle these believers need to fight with the atheists to make this a reality.
We get the hype around AI chatbot, artificial intelligence in banking, AI in banking and blockchain technology. We also acknowledge the fact that it will take 5 to 10 more years for AI and Blockchain to completely restructure the banking industry. Above all, we strongly believe nothing can stop the power of technology, growth and evolution. It is just a matter of time and awareness for constructive disruption of these technologies to dominate and conquer the banking industry.
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