Experts Discuss the Role of Artificial Intelligence in Everyday Banking

Artificial intelligence is already part of everyday banking, but the technology is expected to become increasingly tailored to the individual needs and preferences of each customer. That was the view expressed by banking executives at the “Innovation” financial forum organised by the Bank of the Year Association.

Artificial intelligence is seen as a tool that helps banking employees identify the most appropriate solutions for customers amid a vast number of regulations, rules, tariffs and compliance requirements. For consumers, it is also expected to make access to financial services significantly easier.

Tsvetanka Mincheva, Chief Executive Officer of a bank:

“Imagine a future in which an agent acts on your behalf, researches offers available on the market, finds the best one, contacts your bank and requests a bespoke offer specifically for you. Why should it not also make payments on your behalf? This creates a major challenge for banks: on the one hand, to provide customers with the convenience of personalisation, and on the other, to ensure that this is done in a secure, regulated manner that protects their data and financial assets.”

Nikola Bakalov, Chief Executive Officer of a bank, added:

“Customers will notice the benefits through faster processes. Documents submitted will be automatically analysed and processed more quickly. Connectivity between different institutions is something on which we, as banks, depend. We may be highly advanced technologically, but a significant part of this work is linked to government administration.”

However, there is another side to the debate. The increasing personalisation enabled by artificial intelligence raises questions about the security of personal data.

Peter Vanhes, an Innovation Manager at a bank:

“We need to prepare and ensure that this data is properly managed, because we will be sharing a great deal of information. Much of that data already exists, but in Europe we have strong legislation, which gives us an advantage over the United States. Nevertheless, this is certainly an issue that requires close attention.”

Aleksandar Staykov, Adviser to the Chief Executive of a payments company:

“In the age of AI, digital identity will become increasingly important. Customers will need to enter this new environment and adopt new frameworks for sharing their identity with third parties, so there can be confidence that AI agents are not acting on their behalf in ways they do not intend or approve.”

Banking experts advise consumers not to rush into granting access to every AI agent that requests it.