Everyday AI At Work Blog Series
A banking license is no longer a guarantee to print money. After years of ultra-low interest rates, increasing demands from regulatory and compliance, and cost-cutting measures, yields are not returning meaningful results.
The ever present 24 hour banking scene, and the convenience of out of branch servicing, has led to the anonymous and unaccountable network services center model that has a tangibly negative impact on client satisfaction. This model has also increased the public awareness of service standards, and service impact, while not increasing yields or customer growth. Being the incumbent players in the world of financial commerce, the banking industry has long established processes and procedures that have enabled efficiencies and structure within the established industry. But new players are not burdened by this legacy and are embarking on disruptive technology that offers niche services targeted at high volume highly profitable services.
Small wonder then that customers are increasingly turning to services offered by financial technology companies to fulfill their commoditized service needs.