It’s a rarity that you get to witness the top leaders of banking and financial services firms getting into a huddle to chart out their roadmap for future. This year’s Singapore FinTech Festival promises such a scenario given the increasing buzz around AI, deep learning and chatbots, among others.Digital transformation is at the heart of today’s banking, insurance and financial services ecosystem. Be it banks, insurance firms or various players within what is broadly called the financial services sector, technology has become an integral part of their business, so much so that most activities in these organizations - like trading, personal finance or currency exchange - are now being executed through mobile apps or other online platforms.
Customers love it when traditional banking services, products and offerings come laced with technology, and makes their job easier on one hand by saving time and effort, and also leaves behind a better digital experience. The huge demand and popularity for solutions like e-payments or online trading is the reason why financial services players are adapting digital technologies fast.
Conversational AI integral to Fintech
Among the host of technologies around, machine learning, deep learning and artificial intelligence (AI)-based conversational interfaces such as chatbots are proving to be hugely effective in driving operational efficiencies, automation, and reducing costs within banks and financial institutions.
Currently, many organizations are deploying chatbots to handle customer requests, manage multiple accounts, check bank balance, and to deliver financial advisory services. The overall objective is to save time and costs with faster delivery of highly personalized solutions in a secure manner.
What’s cooking at Singapore FinTech Festival
The event - slated to be held between November 12 and 16, 2018 - will bring together captains of the global financial community in week-long deliberations on the future of banking and financial services.
Already 30% of large financial institutions are investing in AI, and AI-focused fintech startups have attracted higher investments with an average of US$1 billion over the last two years, cites a research by PricewaterhouseCoopers (PwC).
The biggest use of AI in Fintech is in generating insights by accurately mapping customer behavior, which can be leveraged to deliver better investment recommendations, based on past behavior and credit worthiness.
"Banks and insurers are always keen to reduce costs whilst improving the customer experience. AI, and in particular, conversational commerce is a natural next step in that journey," said Warren Mead, Global Co-Lead of Fintech, KPMG.
"There is a strong incentive for businesses to enable such conversations across all digital channels, including existing mobile apps and web portals as well as highly popular messaging platforms such as Facebook Messenger, WhatsApp, and others."
The event will feature a series of exciting expos such as FinTech Conference & Exhibition, Global FinTech Hackcelerator Demo Day, AI in Finance Summit, Fintech Awards, Innovation Lab Crawl, Workshops, and an expanded Investor Summit comprising of 'FinTech Deal Day', and a new component - 'Meet ASEAN’s Talents and Champions (MATCH)'.
Kore.ai at SFF 2018
Kore.ai is participating in SFF 2018 to showcase how its enterprise-grade chatbot platform can be leveraged to build conversational AI solutions for the banking and financial services industries.
Kore.ai works with several Global 2000 companies and leading banks, and helps them automate their work, lower operating costs, increase productivity, and deliver superior customer service with AI-powered chatbots. Chatbots built on Kore.ai platform are enabling global financial majors to automate their operations, reach more customers, provide a more friction-free experience, and streamline and optimize digital services. (Watch this video to see the value our platform delivers).
Come meet us at our booth (1L36, Hall 1, Singapore Expo) where our experts will demo you use cases around customer support, fraud detection, financial advice and personalized marketing.
See you at the event.