An executive who supervises and manages a financial institution’s or business’s branch operations is known as a branch manager. The branch manager will make every effort to ensure that the branch meets its financial objective since that is what is at risk. They recruit, educate, and manage employees while using all of their ingenuity to develop foolproof plans for boosting output and performance. It is their duty to maintain the loyalty of the current consumers or partners while hiring new ones. A healthy banking industry with sound economic practices may quicken a nation’s pace of growth. It would be accurate to refer to banking as the financial hub of the economy because it is a major industry in the service sector. In the banking industry, the use of advanced technology, such as artificial intelligence, customer support, and mobile banking, is revolutionizing the field.
Technologies like artificial intelligence (AI) are proven to be beneficial to banking platforms in an era when the goal is to offer high-tech services to clients. Hwang and Kim state that AI chatbot systems “create models that continuously develop correct answers through conversations with customers, control exceptions, and provide accurate answers” (2). If the inquiries are too complicated, they have escalated right away to an operator who helps the client. Banks can manage record-level, high-speed data using artificial intelligence to gain insightful information. Also contributing to high-quality services for a larger clientele are features like biometric fraud detection systems, AI bots, and digital payments. A wide range of technologies is included in artificial intelligence, such as Natural Language Processing and Expert Systems. The new paradigm has pushed the use of AI in many businesses. Hwang and Kim argue that determining AI’s potential worth requires “technology acceptance and diffusion” to be fully understood (5). The adoption of AI is mostly focused on increasing the effectiveness or efficiency of operations. However, as businesses automate routine tasks and gain a better understanding of technology acceptance, AI is becoming more and more significant.
Modern banking operations include a significant amount of analytics and big data, which banking professionals utilize to personalize consumer interactions. Banks may better understand a customer’s financial situation by integrating open banking APIs with analytics, which they can then use to offer tailored solutions and proactive financial advice. In order to provide a smooth banking experience in 2022, banks will have to go above and beyond their standard services and provide highly individualized suggestions. For the majority of support staff, AI is an excellent tool for delivering top-notch customer care. Chatbots perform a variety of tasks, such as nagging customers to check their shopping carts again and soliciting their opinions and ratings. Malali and Gopalakrishnan argue that “AI is processing a large number of data patterns more effectively than human beings” and raises satisfaction levels (55). AI may also collaborate with human support staff to solve routine tasks, freeing them up to handle more complicated issues. Without the need for human agents, AI technologies like chatbots can quickly identify speech triggers and offer pertinent information and direction. End-to-end banking and financial process digitalization are accelerated by artificial intelligence in banking. AI apps improve service quality and assist businesses in identifying and thwarting fraudulent transactions by combining the strength of data analytics, clever ML algorithms, and secure in-app interfaces.
With the expansion of technology options accessible in the banking industry recently, consumer wants and requirements are changing swiftly. Banking customers now expect faultless, multi-channel service interactions. As a result, banks and other financial organizations are under pressure to provide them with the newest banking solutions and business models. Hwang and Kim reveal that the “contribution of customer service and chatbot users according to customer classification” to banks’ operations shows a positive correlation with attracting younger customers (12). Mobile banking is a perfect example of technology that generates a lot of revenue for banks. Banks are able to reduce operating expenses while still retaining customer satisfaction due to mobile technologies. Any customer of a bank may use their app to request a service, like establishing an account or even to plan debit orders or other payments. This enables higher transactional volumes, which ultimately spurs corporate growth.
Overall, bank branch managers excel at sales and customer service and uphold excellent connections with business associates, staff members, and clients. Just like every other industry, banking and finance changed as a result of technological advancement. Currently, individuals prefer using smartphones to handle their funds over the inconveniences of traditional banking since they are handier. Today it seems unnecessary to follow conventional procedures like visiting a bank branch, filling out paperwork, getting print copies, and signing it. Banks must digitize their operations and offer a better customer experience if they want to remain competitive. To achieve this goal, there should be a good bank branch manager that will manage the whole process of digitalization. Customers may anticipate a more convenient, time-saving, and safe banking experience overall, one that protects their personal information.
Works Cited
Hwang, Sewoong, and Jonghyuk Kim. “Toward a Chatbot for Financial Sustainability.” Sustainability, vol. 13, no. 6, 2021, doi:10.3390/su13063173.
Malali, Anil B., and S. Gopalakrishnan. “Application of Artificial Intelligence and Its Powered Technologies in the Indian Banking and Financial Industry: An Overview.” IOSR Journal of Humanities and Social Science, vol. 25, no. 4, 2020, pp. 55-60, doi:10.9790/0837-2504065560.