Sat. Jun 15th, 2024

Parallels become evident when comparing products, channels, and costs offered by traditional financial institutions. When striving to improve customer experience and stand out against competitors, virtual banks should turn to Artificial Intelligence (AI). AI can provide a flawless and intelligent customer experience that lacks room for human error. 

Rory Brown sheds light on how AI paired with advanced analytics increases in consumer satisfaction, relationship value, and competitive distinction in a growing, oversaturated industry. 


A personal touch improves any customer experience, and AI helps do that. Not all consumers recognize what banking services are right for them or know about all the services a bank offers. Integrating AI into virtual banking can help customers match up with personalized services. AI can monitor one’s banking activity to gather data for analysis and highlight the services that best match their activity routines. 

Additional Security

During the modern age of technology, where medical records, social security numbers, and bank accounts are all digital, fraud and identity theft are increasingly common. The integration of AI into virtual banks can give customers the security reassurance they want and need through fraud prevention capabilities and increased security of payment transactions. AI’s capabilities catch and investigate unusual transactions before finalizing payment processes. Some systems call for a customer for confirmation before any transaction concludes. 


Cognitive thinking is typically required for business decisions regarding credit-scoring and loan processes. However, AI can take care of such tasks for virtual banks. Loans can be approved, and credit history observed through machine learning models. These models take into account multiple factors–including social media data, online shopping history, and websites visited–when making decisions revolving around credit scores. AI models are self-learning, so they only improve as they enhance functionality. 

Increase Response Avenues

One aggravating issue plaguing customers of virtual banks is long wait times for customer service. If a bank does not have a physical location, it is crucial to have multiple avenues that customers can access for help. Virtual banks who employ conversational AI, such as chatbots or virtual assistants, save customer service time and can cut costs. The option is already favorable in the banking industry, saving banks seventy cents per query as well as four minutes of a customer service agent’s work time. Productivity increases when customers can find answers to simple issues or questions before picking up the phone.

About Rory Brown

Mr. Rory Brown has focused on financial technology and investment management for 30+ years. Rory Brown Co-Founded one of the world’s first Internet Banks and writes extensively about the industry.

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