China’s first bank that operates only through a web interface and does not have a physical, brick and mortar establishment – WeBank – seems to be on the way to incorporating artificial intelligence and virtual robots for improving customer service. The bank hopes that with the help of technologies such as speech recognition, facial recognition, and natural language processing, it can bring greater efficiencies in several banking roles.
In roles such as risk analysis, loan application, and personalized services, technological advancements could lead to vast improvements in the field of modern banking. According to the bank, mobile technology can change the way traditional banking was more passive. With the help of newer ideas and mobile technology, every customer can have access to all services in the bank, requiring only a mobile phone or a computing device for doing so.
When Humans and Artificial Intelligence Coexist
WeBank came into existence in early 2015 with core operations dealing with provision of loans to small and micro enterprises, a market that was at that time largely underserved by commercial companies. The bank has come a long way over this short journey and is on its way to bring in technological advancements in its operations for finding better ways of doing traditional banking jobs. Roles such as risk analysis were undertaken by human experts in conventional banking settings are the trend still remains strong.
However, doing the process manually can slow it down significantly, which is one of the central challenges for most banks. With advancements in computer technology and internet, several models have been developed that can undertake these and other roles with much more efficiency.