NOVEMBER 2017CIOAPPLICATIONS.COM6 NOVEMBER-6-2017BANKING TECHNOLOGY SPECIALCopyright © 2017 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Volume 02 - 26Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe PhillipGraphics & ArtJohn ConnorDeclan ColeVignesh KarthigaisamyAssistant Managing EditorShivali Sharma Senior WritersClara MathewRoyce D'SouzaLeah JaneAshwani KumarEditorial StaffBen JacksonDaniel HolmesEzra BenjaminJames SmithNaomi DaleRachel ClarkRohit ChowdharySalesGeorge Thomasgeorge@cioapplications.com510.757.1040Mailing Address:ValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.757.1040 EditorialLeaping into the Age of Bots Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipWe have moved far beyond the time when digitization in banking sector could only be described by the mention of digital banking. The banking industry has taken quite a significant leap in terms of digitizing their operations. Having facilitated everything from carrying our everyday baking transactions to accessing investment options online, the banking sector has now leaped into a phase where artificial intelligence (AI) and machine learning are coming into play with regards to enhancing the customer service. The most recent example of this could be Bank of America's AI chat bot Erica. It was clearly a smart move towards improving customer service. The company invented the intelligent bot with a vision to help customers create better decisions and invest smartly. While it can help consumers talk to the bot about their investment decisions, the bot also notifies them about the available options for investments, which the users can explore using the bank's app. Across the US market, various other banks have introduced such innovative bots to better serve their customers. In an industry like banking, where all the entities offer similar products and services, a factor that leaves minimum scope for them to innovate, customer service remains the key drive for them to attain growth. In such a scenario, chat bots are turning out to be the essentials for banking institutions. These bots don't just offer quick responses to customers but also assist them in keeping up with the available investment options with conversational interfaces. Banks across the US are considering technologies like AI, machine learning, and various others to reinvent the way they interact with their customers and serve them and this is being made possible with the help of technology companies that hold the potential to innovate and invent. To help banking institutions connect with these technologies companies, we have come up with a list of technology solution providers, who can be their partners of choice for a better future.Do let us know your thoughts. *Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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