The Development of Cognitive Technology
Technology is the core of modern society, providing new solutions and constant advances across many areas. People are now more accustomed to digital innovation, and they are also becoming more demanding in their expectations.
Cognitive technology advances consistently to anticipate different needs, which it does by adapting to every bit of new information accordingly. Through data mining, pattern recognition and natural language processing, it is designed to understand and learn based on the information received, providing solutions and answers which improve with each interaction.
Individuals provide information both voluntary and sometimes involuntarily, this information when properly assessed, become a series of missed opportunities for professionals in any field. Cognitive technology enables information to be transformed from chaos to relevant data for any decision-making process, personalising each experience to offer precise solutions. With each repetition, cognitive systems are capable of learning, adapting and improving any experience, therefore increasing client satisfaction.
Cognitive Technology in Banking
Clients are more and more demanding when it comes to finding innovative solutions for their banking needs. As cognitive banking grows, a broad set of benefits begins to become apparent for banks and their clients alike. As information changes and evolves, cognitive banking allows for improved user interaction and adaptation on different platforms. This creates a richer, valuable and more dynamic assessment process, improving each’s person’s experience and increasing productivity.
This can be applied to different levels and areas throughout banking services. On the one hand, the information can be used and processed in a manner that improves and simplifies client service solutions, giving way to quick problem resolution, often eliminating the need for human interaction or locating the specific branch and professional advisor that will be able to answer a particular question.
On the other hand, the adaptation and evolution process implies an ability to assess client’s specific requirements, predicting financial needs and suggesting specific solutions based on existing information. Through a multi channel, multi platform service, the user is involved in a conversational experience. This can lead to an increase in trust, allowing banks to adopt the role of trusted advisor.
How are Banks Adapting to Cognitive Technology?
In banking, many different areas are substantially innovating through new technology acquisition. Artificial intelligence and Data Mining are being used extensively in all digitalisation adaptation processes, including Wealth Management and portfolio management solutions.
Currently, financial institutions, as well as those in many other markets, are still “testing the waters” and discovering the possibilities that lie in cognitive technology. Since it is not yet a necessity, merely an advantage, many still prioritise operational efficiency and are not yet investing in getting ahead in their different departments. However, the vast majority of professionals are becoming aware of the many benefits of cognitive banking.
These highly trained professionals are well aware of the disruptive role that cognitive banking will play in the industry, allowing a series of advantages which up until quite recently were just short of unimaginable. The advances implied will enable deeper engagement with clients and new analytic insights to achieve more accurate solutions.
The banking industry is leaning more and more towards the adaptation process that will transform bank operations entirely, improve the quality of their services and contribute to their overall productivity. To enable this innovation to be implemented, broad consensus on security is needed to reassure clients and to gain trust.