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How artificial intelligence (AI) is redefining the playing field of the financial industry

June 15, 2023

The use of artificial intelligence (AI) ceased to be an emerging trend to become a key player with a direct impact on various industries. There is a growing acceleration of the implementation of artificial intelligence in the financial sector.

From the Globant Business Hacking Studio, accompanying leading companies in the sector during the last decades, we help to: generate solid and lasting strategic value, enable capacities, guide towards innovation, and support the deployment of modern and relevant technological levers. 

Among the use cases linked to artificial intelligence in banks, from the Business Hacking Studio we highlight the importance of: 

  • Digital Twins

A valuable tool that is gaining more and more notoriety in the banking industry is that of Digital Twins. These are accurate digital representations of physical assets, such as bank branches, ATMs, and data centers. Being able to count on Digital Twins, with the support of AI and Machine Learning, enables incremental and sustainable benefits in the business. In parallel, a frictionless and superior experience is provided to users. 

In this sense, end customers can experience a truly differentiating process, by having visibility not only regarding the ideal hours to reserve appointments, but also by knowing levels of internal congestion in real time within the branches, and thus better planning their visit. In relation to the impact on the business, it is noted that this tool generates efficiencies, such as the reduction of building energy consumption, up to 14%.

Last but not least, Digital Twins opens doors to new lines of business. These are scalable and replicable models, and with great monetization potential, especially when generating high data flows. Therefore, the adoption of Digital Twins is expected to continue to grow, with a projection of 2023 to 2030, with a CAGR rate of 42.6%, according to Fortune Business Insights.

  • Personal Virtual Assistant

Directly linked to the previous point, and in pursuit of an increasingly personalized and quality service, it is interesting to shed light on the figure of Personal Digital Assistant. Given a context of uncertainty and high levels of inflation, the use of these assistants, with the support of Artificial Intelligence, becomes relevant. The objective is to provide a service that seeks to provide answers regarding the financial health of clients. 

By analyzing behaviors and credit history, it is possible to predict trends. Consequently, clients can’t only more effectively control their flows and personal finances, but also make better decisions. Recommendations and tips are provided, based on the profile of each client, with timely reminders. According to recent studies, the figure of the personal digital assistant has a positive impact on customer satisfaction

Banking industry leaders must prioritize creating a frictionless and relevant user experience to increase customer satisfaction and loyalty. Promoting the use of digital tools, such as Digital Twins and Artificial Intelligence-based Personal Digital Assistants, is essential. Those organizations that stand out in the market that know how to capitalize on these tools will be able to obtain a sustainable and lasting incremental value, thus establishing a strategic competitive advantage and a differential positioning” – Matias White, Business Hacking Manager

In summary, the use of technologies supported by Artificial Intelligence, such as “digital twins” and “digital personal assistants,” is transforming the banking industry by providing greater efficiency, personalization, and customer satisfaction. With the continued growth of these technologies and their proven advantages, it is crucial that banking institutions adopt and make the most of these solutions to stay competitive in an ever-evolving marketplace. 

Learn more about how the financial industry is evolving with innovative and emerging technologies here. 

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The Business Hacking Studio aims to drive business growth and innovation to make transformation real and measurable, making the change sustainable through new ways of optimizing culture and business impact. Digitalization and high consumer expectations are radically changing the way we interact with each other, and organizations that know how to manage it will be successful.