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The Future of Banking: Expect AI Advisors, VR Branches and Maybe Even Brain Chips
Banking technology has been evolving rapidly. It wasn't too long ago that you needed to visit a physical bank branch to deposit a check or transfer money to a different account — tasks that you can easily complete now with the click of a button on your phone. These technologies have been embraced by Americans of all ages, but millennials seem particularly poised to adapt any forthcoming banking tech that rolls out.
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According to a recent Chase survey, 1 in 4 millennials would use virtual reality to visualize their finances, 17% would have robots track their finances and investments, and 16% would consider neural implants for real-time money updates. While these technologies may seem far-fetched, some may soon become a reality.
Here's what the future of banking could look like in the not-so-distant future.
AI and Robots Are Already Changing How US Banks Serve Customers
Many banks currently utilize artificial intelligence with AI chatbots fielding customer service requests and AI fraud detection tools to keep customers' money safe. The use of robots for other functions could soon be a reality; however, banks will have to be mindful about how they integrate this technology with existing systems.
'Banking is an ecosystem of multiple touchpoints,' said Christina Claudio, head of product for Connected Banking at Chase. 'While we always want to incorporate new and exciting technology, we have to be thoughtful about how that touchpoint plays across other interaction points for customers.'
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Virtual Reality Could Transform Banking Customer Service and Education
Banks may soon be adopting VR technology to give clients a better money management experience.
'The most likely place to see this come to life would be in customer service or some iteration of AI-assisted money coaching,' Claudio said.
Virtual reality could be used by banks in a number of ways, including allowing customers to visit a virtual bank branch, helping them visualize their spending and savings habits, simulate financial scenarios like buying a home or planning for retirement, or interacting with virtual advisors.
Could Neural Implants Be the Future of Personal Finance?
Brain-computer interfaces are already being tested in other industries — and banking could embrace it down the line. While this technology likely won't be utilized by banks in the near-term, they could eventually be used as another tool to improve the customer experience.
'We are just at the cusp of exploring all the ways AI can help,' Claudio said. 'Financial management and planning are highly personal moments in a customer's journey, and something like neural implants could help make these important items a greater part of customers' lives.'
What's Next: Hyper-Personalized Banking for Every Customer
Even without brain chips, many banks are already exploring new ways to utilize technology to give clients a more optimized experience.
'We'll continue to see advances in AI-powered tools, enhanced and more customized or personalized mobile app experiences, and better fraud detection and prevention,' Claudio said.
Consumers will likely see benefits such as more individualized budgeting, spending and planning tips and insights, as well as actionable strategies to make their money do more for them. This could mean having AI assist with booking a vacation and using reward points more effectively or applying offers and paying off bills that help customers get closer to a goal, like buying a home.
As technology rapidly evolves, it provides more opportunities for banks to fulfill customers' advancing needs.
'If we're only as good as a customer's last best experience, it certainly ups the ante,' Claudio said. 'We're thinking about hyper-personalization, evolving point-in-time solutions, and driving greater connectivity between customers and their finances.'
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This article originally appeared on The Future of Banking: Expect AI Advisors, VR Branches and Maybe Even Brain Chips
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