Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.
The alt lender’s AI-powered approach and focus on underserved consumers could allow it to carve out a lucrative niche in the banking space. Avant’s lending solution is powered by a robust AI infrastructure that enables it to look beyond a customer’s credit score.
In-app video calls with banking personnel offer a degree of personalization to the digital customer experience. However, a mere 9.7% of overall respondents categorized this feature as “extremely valuable.”. Communicating with a virtual AI assistant helps meet customer servicing needs by answering queries in a convenient manner.
Compliance risks loom for neobanks that ‘move fast and break things’: Digital-only banking players need to put anti-money laundering (AML) measures higher on their list of priorities and invest accordingly, a regulatory tech firm states in a new report.