The financial sector will develop unique and personalized products and services thanks to AI

By 2024, only 1% of financial customers in Europe will use non-digital channels, according to a report by IDC Spain. In Colombia and Latin America, the financial sector wants to replicate the same path. Advances in the region have allowed people to access savings, investment and credit products from the convenience of a mobile device with Internet access. The pending issue is to continue adopting Artificial Intelligence (AI) to make banking more instinctive, offering personalized and automated services for each client. 

AI, the key to personalization in the delivery of financial services

AI is a set of technologies including robotics, machine learning, voice recognition, biometrics, among others. These technologies, when integrated, are capable of predicting future events, learning autonomously or adapting to each user. This allows, among other things, to make better decisions in different fields. 

As AI uses data to provide particular solutions, a first challenge for the country's financial sector is to access user information through policies that protect that data. When the financial institution obtains information from its users and AI comes into play, magic happens. 

According to the Bank of Spain's Economic Bulletin 2/2019, by obtaining this data and using it for the benefit of financial consumers, it is possible to offer a personalized user experience. For example, banks can develop products and offer services to each customer depending on their characteristics. 

Suppose a person is an entrepreneur and wants to create a company that develops GovTech products. The financial institution where this person has his savings account knows his income, age, consumption patterns and risk level. Thanks to this, it is possible to anticipate his needs and offer him, through digital channels, special credit lines for entrepreneurship. 

This scheme, with the advance of AI, can be replicated for each case, allowing financial institutions to provide a more personalized service that responds to the needs and characteristics of each client. All this translates into a better service and a greater probability of success when offering this type of product.

The alliance between the financial sector and technology companies

One of the keys to the success of banks, insurance companies and other entities that make up the financial sector, lies in the alliances that materialize with the different startups that develop technological solutions. 

At Nuvu, we have consolidated interesting alliances with the financial sector thanks to the knowledge we have about it, which has helped us to create real solutions that respond to their needs using AI. These types of alliances will be key to move towards a more instinctive and personalized system.