How Banks Should Use AI

✨Key takeaways:

• Use AI to enhance the customer relationship, not replace it.
• Empower local bankers with AI tools to provide better service.
• Avoid centralizing power and neglecting local relationships.

Use AI to strengthen the bank-customer relationship. Example: Instead of positioning AI as a replacement for personal bankers, use it as a tool to empower bankers to offer better, more personalized service. This approach fosters trust and strengthens the bond between the bank and its customers. Avoid over-centralization and empower local bankers. By giving them the authority and tools, including AI, to cater to individual customer needs, you create a more personal and valuable banking experience. Avoid mistakes made with ATMs, which were intended to supplement tellers, not replace them. Similarly, AI should be used to enhance, not replace, human interaction in banking. Neglecting this aspect can lead to a decline in customer relationships and loyalty.