The financial sector is undergoing a significant transformation driven by modernization through the integration of innovative artificial intelligence (AI) solutions and open banking. These technological advancements are changing the way banks and other financial institutions operate and interact with their customers, enabling a strategic vision from both business and technology perspectives.
The modernization of financial channels is based on integration, API-ification, and initial decoupling, culminating in the design of new evolved open banking models. The incorporation of AI into these models is revolutionizing interactions with banks in a secure and efficient manner, not only improving operational efficiency but also enabling more personalized and customer-centric services.
Through the BIAN standard and with the support of OpenGroup, there is a robust methodological framework that allows for the definition and design of digital products oriented towards the new NeoBank model. This framework is applicable to both financial entities seeking to modernize and digitize their products, and those wishing to create evolved open banking products. These processes and methodological frameworks enable financial institutions to stay at the forefront of innovation and offer solutions tailored to the changing needs of the market.
- Financial Education: The integration of AI in the shared data environment allows access to a vast amount of information and bank-approved documents on products, markets, regulations, and consumers’ financial needs. Cloud-based tools can synthesize personalized learning materials for specific user profiles almost in real-time, facilitating better-informed decisions on which products to acquire and under what conditions.
- Security: AI, by learning clients’ behavior patterns, can detect anomalies in management flows and procedures that might go unnoticed. This ability to detect irregularities and potential fraud integrates with traditional financial security systems, significantly enhancing protection against fraudulent activities.
- Optimization of Customer Experience: Using customer interaction data and combining it with the products and services they possess, AI can provide more accurate and personalized information. This includes identifying financial patterns, preferences, behaviors, and predicting products that could better meet clients’ needs.
- Operational Efficiency: AI evaluates and automates various open banking procedural flows, enhancing operational agility. This reduces the risk of human error, improves system reliability, and allows the incorporation of key performance indicators (KPIs) that assess the satisfaction of both external and internal customers.
- 360 Vision Analysis: Traditional business intelligence technology required time and human analysis. Now, with the incorporation of AI analytical and predictive models, business intelligence indicators are easier to analyze and allow for agile outcome predictions. This facilitates aligning financial data with open banking systems focused on dynamic markets.
- Optimized Multichannel Orchestration: Generative AI enables integrated segmentation, where channel interactions specifically inform any customer need. Content can seamlessly evolve through ads, content, campaigns, and call center scripts, based on unified customer data and predictive models, providing a coherent and personalized conversational experience across all distribution channels.
The Future of Open Banking and AI
For consulting and software development companies like Arkkosoft, this transformation represents a new frontier of opportunities. Arkkosoft positions itself not only as a developer of mobile and web solutions but also as a consultant and designer of digital products focused on improving the customer experience.
For financial institutions, having a strategic partner in this field means accessing extensive knowledge and experience in implementing open banking and AI strategies. As financial institutions continue to adopt frameworks like PSD2, the relationship with AI will be fundamental to driving efficiency and providing greater value to both banks and their customers.
The integration of AI with open banking is set to be an unstoppable driver of business transformation. This combination not only automates processes and enhances security but also optimizes the customer experience, making it more personalized and efficient. Arkkosoft, with its focus on integrating these technologies, is well-positioned to lead this transformation, offering innovative solutions that not only improve operational efficiency but also provide a superior customer experience. As financial institutions continue to adapt to these changes, the relationship between AI and open banking will be crucial in leveraging new opportunities and effectively facing future challenges.
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