From streamlining customer service to improving compliance and privacy, financial institutions are beginning to use Artificial Intelligence (AI) to improve various aspects of their business. Two important areas where AI has the potential to make an important impact is financial inclusion and accessibility, trends highlighted in our Digital Banking Trends 2024 report.
Improving financial inclusion is about more than providing better access to bank accounts, particularly in Europe where most people already have access. It’s about making sure that everyone can make full use of the services offered by their bank in a way that suits their needs. This might mean offering a simplified and intuitive interface for those less technically savvy, or allowing the customer to communicate in their preferred language, for example. Improving financial inclusion in this way will enable financial institutions to ensure that all customers, regardless of their background or needs, can make the most out of their digital banking experience.
Accessibility in digital banking is equally crucial, particularly with the introduction of the European Accessibility Act. This new directive mandates the enhancement of service accessibility, removing barriers for older generations and those with physical needs. For banks and other financial institutions, this goes beyond just offering a simplified, intuitive user interface, and requires complying with a unified set of EU accessibility standards. The act includes online banking platforms and other customer-facing services.
In this article, we’ll look at how AI-Chatbots in Banking can become the driving force behind improved financial inclusivity and accessibility, exploring their role in breaking down barriers and making Digital Banking services accessible to a wider and more diverse population.