“In the long term, harnessing AI and technology will determine the split between winners and losers,” said[1] Jeroen van Oerle, Portfolio Manager Robeco Fintech Equities, Robeco. “In order to keep relevant for the future, you need efficient back-office operations. On top of that, you need to be able to tailor make products. If you cannot provide those kinds of services in the future, a competitor will and you will lose.”

Similar to the largest US institutions, European banks have a strong interest in exploring the impact of AI on business functions. The US market, however, seems to be far more active in areas beyond virtual assistants and chatbots, while European banks are heavily focused on customer-facing interfaces. In fact, a study of 34 major banks across several geographies (US, EU, Singapore, Africa, Australia, India)[2] found that 27 out of these 34 banks have implemented AI in their front-office functions in form of a chatbot, virtual assistant, and digital advisor.

Banks are using chatbots and voice bots to interact with customers and resolve requests before a human intervention is required. Fortunately, the technology behind it – natural language processing and generation [3] will make it increasingly difficult for customers to tell whether they are talking to a human or an AI interface[4]. Biometrics, particularly voice and face, could be used as authentication methods to ensure secure interactions.

What else are European banks are doing with AI?

Virtual assistants, chatbots

To mention a few examples – Russia-based Tochka Bank has launched a Facebook bot for a range of financial services that include allowing the bank’s clients to check their accounts, finding

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