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As technology continues to reshape the global banking industry, Australian banks are moving to embrace personalized services powered by artificial intelligence. More than half of Australians believe AI will improve banking services, according to a survey of more than 5,000 banking customers by Publicis Sapient.
The role of omnichannel personalization is increasingly important to manage changes in customer behavior. Many banking customers are increasingly using digital channels and AI-based offers seem to be the next step for banks.
A large portion of this customer base that is positive about AI and digital channels is made up of younger customers. The survey shows younger Australians aged 18 to 44 are most positive about AI, with 69% saying they believe it will improve services.
Source: Publicis Sapient
While the balance is clearly in favor of greater adoption of AI in banking, Publicis Sapient warns that banks should be concerned with the 42% of consumers who worry that AI will actually make banking services worse. Unsurprisingly, most older customers believe AI will have a negative impact on banking services.
Australians’ main concerns regarding the use of artificial intelligence in banking are people losing their jobs (54%) and threats to data security and privacy (49%). In addition, 58% said they would rather speak to a person when dealing with customer service: They see AI chatbots as incapable of solving their problems.
Indeed, the survey shows that customer service was the top area where Australian banking customers want to see improved online access. For banks, the key will be to strike a balance between better digital customer service offerings and an appropriate level of reliance on artificial intelligence.
Source: Publicis Sapient
“Banks face a serious choice: lead the way in offering personalized, customer-centric products and services powered by AI, or be left behind,” Sian Lopes, head of financial services at Publicis Sapient, told Tales.
“At the same time, customer expectations and behavior are evolving. Customers want to maintain the convenience and security of the status quo, but they also expect seamless and customized experiences—and may not understand the trade-offs needed to achieve these two priorities. Banks have the difficult task of balancing these expectations.”
With the huge increase in innovative technologies, the risk of cyber attacks also increases. In fact, cyber security remains a major risk in the financial industry, from simple fraud to complex, crippling hacking attacks.
A recent conference in Canberra, which brought together experts from major consulting firms, highlighted the cyber security risk to Australian organisations.
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