Customer expectations have always been mending, but this technology tsunami is a completely new phenomenon on the contemporary financing horizon. The Banks are pushed to the wall by extensively mushrooming competitors and rigorously reforming regulations.
Amidst the rising fracas, two prime proceeds are certain: the role of these new technologies will increase and the regulations to curb their misuse will get more stringent. The change is exhaustive and will shake and stir all sections of this wide old giant sequoia right from the deepest roots to the crown.
The most profound effect, however, can be seen in AI’s dismantling of the conventional tradeoffs between service quality and cost. In this new technology-powered scheme of things, manual operational efficiency will become redundant as a competitive differentiator. And as the market shifts its focus from financial institutions to service providers, the above agents (AI, machine learning and, data analytics) work toward a singular aim — Survival of these institutions.