Page 48 - Banking Finance June 2024

ARTICLE

with physically demanding employment, such as first how Banks interact with customers, leading to more
responders. effective and personalized experiences.

Patient care: In addition to reminding elderly patients Like any other service industry, Banks also look for process
enrolled in long-term medical programs to take their optimization. Process Optimization means lowering
medications, a "nurse bot" speaks with them daily to check Operating costs and maximizing profitability. This includes
on their general health. both front-end and back-end processing. Like claim
processing in the Insurance sector where machine learning
Automobile safety: Computer vision technology allows and NLP (Natural Language Processing) can be used to
automakers to keep an eye on a driver's emotional condition. process large volumes of customer data and offer a
The motorist may doze off due to tiredness or an intense customized solution in real-time. In mortgage processing
emotional condition. again the NLP plays an important role, where it is used to
go through the terms and conditions to the mortgagor and
Self-driving car: In the future, a multitude of sensors, like mortgagee in real time and prepare a mutually agreeable
as cameras and microphones, will be installed inside self- document.
driving cars to monitor their surroundings and gather user
feedback. For customer service emotional AI also plays an important
role where custom-built intelligent chatbots are used to
Recruiting: During job interviews, software is utilized to streamline the tedious customer service processes. This
assess a candidate's believability. process simplifies customer requests on their own and
prioritizes sentiment-based tickets to the concerned
Call center intelligent routing: An irate client can be department. Few of the uses, where Emotional AI plays an
identified right away and directed to a skilled representative important role in day-to-day Banking are-
who can also track the conversation's progress in real time Market and Customer Service: Various tools like
and make necessary adjustments. sentiment analysis; that could detect and score emotions
hidden within audio files, transcription AI tools, keyword
Retailers: To gather data on customer behavior and mood matching, and event analysis are advanced Emotional AI
as well as demographics, retailers are investigating the tools, that are helping banking to build customer
installation of computer vision emotion AI systems at their touchpoints effectively and in real time. These tools help
establishments. banks to identify the positives and negatives in products &
processes and create scope for improvement. AI tool also
Usage of Emotional AI in Banking and prioritize the aggrieved customers' ticket by identifying his
tone and pitching.
Finance:
Emotional AI is a boon for service industry like Bank, where
there is always a challenge to satisfy customer's needs. Be
it marketing of a new scheme, product delivery or complaint
resolution. The prime motive of the Bank is to increase the
customer base by adding new customers as well as to retain
existing customers. Banks always deal with individuals, and
it is very important for Banks that their customers must feel
that their bank recognizes them as individuals rather than
just generic customers. These "connected consumers" are
more likely to obtain services from their bank without initially
comparing prices. The implementation of Artificial Emotional
Intelligence (AEI) in the Banking sector will revolutionize

42 | 2024 | JUNE | BANKING FINANCE