October 20178 Thriving in the age of artificial intelligence to redefine customer journeyChristopher LohNew digital breakthroughs appear to be increasingly discovered and tested across every parts of the globe. It is rare these days that various industries are not at risk of being upended by the rise of digital technology. To put things in perspective, Uber is undermining the traditional taxi industry, Amazon is displacing the brick-and-mortar bookshops while Airbnb is shaking up the hotel industry. So why should banking industry be any different? While the buzzword "artificial intelligence" has been hotly deliberated across various industries, it has already formed an integral and crucial part of our lives before we know it. This ranges from Siri in your iPhone to the music playlist recommendations you receive on Spotify. So what exactly is artificial intelligence? It is not a single technology, but rather a blend of several advanced technologies including machine learning, natural language processing, cognitive and predictive analysis. With these technologies, AI is able to simulate human intelligence into machines and overcome the very barrier of human capabilities ­ speed and scalability.There are many reasons to adopt AI-powered solutions including personalized communications at scale, productivity gains, and identifying diamonds in the rough for better insights. The concept of AI in financial services is not new; it is already being used in heavy-manual processes for better accuracy, efficiency, and cost benefits. What is new, however, is the use of AI beyond processes to human interaction. Emerging fintechs are increasingly disrupting the traditional banking industry to deliver newly transformed customer experience through the use of AI in chatbots, voice-assisted banking, and robo-advisors which are automated financial advisors.The real problem is traditional banks are not delivering compelling services that value adds to customers. In order for banks to survive and thrive in this digital environment, they must rethink their role and deeply reshape their value proposition BY CHRISTOPHER LOH, CEO & SPECIAL ADVISOR TO CHAIRMAN, UNITED AMARA BANKin my view
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