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Financial Services Trends and AI: Interview With the VAImpire

Steve Gilde March 20, 2023
Financial Services Trends and AI: Interview With the VAImpire

Have we entered an age where artificial intelligence (AI) tools like ChatGPT and Bard have become uncontrollable monsters, destined to suck away all human individuality and creative thought, relegating us mere mortals to the Twilight, until we are eventually banished to the Dark Shadows forever?

Well, probably not so much.

It is fair to say that AI is white hot. When Google loses $100 billion in shareholder value after its new (but yet-to-be-released) AI chatbot Bard committed a very public faux pas during its coming out party, you know that there is a lot of interest and money riding on this technology.

But what is AI’s role when it comes to payment testing, and does it even have a role? Is its purpose to provide us with the latest trends so we can change our processes and maintain a competitive advantage, or can it go 10 steps further and be used to completely automate parts of the payment testing process?

While these tools are only as good as their programming and the data they can access, here at Paragon Application Systems we believe that they can be instruments for good. 

In order to get some first-hand experience with the technology and find out what answers it can give when it comes to trends in the world of payment and ATM testing, I recently decided to have a “conversation” with ChatGPT.

The following questions and answers are provided verbatim:

I want you to act as a business executive responsible for self-service banking at a large US-based financial institution. Explain what industry trends are most important to your organization in 2023 and your plans to address them.

As a business executive responsible for self-service banking at a large US-based financial institution, I am aware that the industry is constantly evolving, and staying up-to-date with the latest trends is crucial for the success of our organization. In 2023, some of the most important trends that we will be focused on include:

Digital banking: Consumers are increasingly turning to digital channels for banking services, and we need to ensure that we are providing a seamless and secure digital experience. We plan to invest in a robust digital banking platform, and improve our mobile app and online banking services.

Self-service technology: Self-service technology such as ATMs, kiosks and mobile banking apps have become increasingly popular among consumers. We plan to invest in advanced self-service technologies such as biometrics and facial recognition to improve the user experience and security.

Artificial Intelligence and Machine Learning: The use of AI and machine learning can help us improve our risk management, customer service, and fraud detection. We plan to invest in these technologies and develop solutions that will help us better serve our customers and improve our operations.

Open Banking: The banking industry is moving towards open banking, which will allow customers to share their financial data with authorized third parties. We will invest in the technical infrastructure and develop partnerships to enable easy data sharing.

Contactless payments: With the ongoing COVID-19 pandemic, there has been a significant shift towards contactless payments, and we anticipate this trend to continue. To address this, we plan to invest in new technologies such as NFC and QR code payments, as well as promote the use of our mobile wallet and contactless credit and debit cards.

Our organization's goal is to stay ahead of the curve when it comes to industry trends, and to provide our customers with the best possible experience. By addressing these key trends, we believe we can continue to be a leader in the self-service banking space.

Our Thoughts on Chat GPT’s Answer…

These are certainly recognizable trends that are being discussed broadly across the industry. The ranking order is interesting. I wonder if the typical “business executive responsible for self-service banking at a large US-based financial institution” would rank them in a similar order, or even include AI or Open Banking on his/her list.


2023 Trends Guide Payment Testing

 

I want you to act as an executive at a large financial institution. Explain the importance of Automated Teller Machines to your overall customer engagement strategy.

As an executive at a large financial institution, I understand the importance of Automated Teller Machines (ATMs) to our overall customer engagement strategy. ATMs are a critical component of our self-service banking strategy, which allows customers to perform a wide range of banking transactions quickly and easily, without the need to visit a physical branch. 

This can help us to improve customer satisfaction by providing them with convenient and accessible banking services. Additionally, the use of ATMs can help us to reduce our operational costs by reducing the need for staff at physical branches.

Moreover, ATMs also provide an opportunity for banks to enhance the customer experience by providing them with new services and functionalities such as cash deposit, check deposit, account information, account balance, and providing the ability to withdraw money in different currencies.

In summary, ATMs are a key component of our customer engagement strategy. They allow us to provide convenient and accessible self-service banking options to our customers, which can help us to improve customer satisfaction and reduce operational costs. Additionally, with the new features, it also allows us to offer more services to our customers.

Our Thoughts on Chat GPT’s Answer…

This is certainly a logical and well-constructed message that one might expect from a senior executive or the marketing team at a large US-based financial institution. I was hoping that I might be able to tease out some new idea or concept that was not already in plain sight. I am not sure if this is due to my lack of skill asking the right questions or a limitation of the AI engine itself.



I want you to act as an executive at a large US-based financial institution. Given the rapid adoption of mobile technology by consumers, what is your prediction for the future of the ATM channel?

As an executive at a large US-based financial institution, my prediction for the future of the ATM channel is that it will continue to play an important role in the overall customer engagement strategy, while also evolving to meet the changing needs of consumers.

As mobile banking becomes more popular, consumers will likely rely less on physical ATMs for basic transactions such as cash withdrawals and deposits. However, ATMs will still be important for more complex transactions that cannot be done through mobile banking, such as depositing checks, cash deposits and advanced account management.

Additionally, financial institutions can leverage the latest technology to improve the customer experience at ATMs. For example, using biometric technology such as facial recognition or fingerprints can improve the security of transactions and make the process more convenient for customers.

In summary, the ATM channel will continue to play an important role in the overall customer engagement strategy, but it will evolve to meet the changing needs of consumers as mobile banking becomes more popular. Financial institutions should focus on providing enhanced services and improved user experience through technology to make the most of the ATM channel.

Our Thoughts on Chat GPT’s Answer…

As indicated above, this response is also quite safe and “logical”. You might find something similar in a research paper from a large consulting firm. Here at Paragon we will continue to experiment with the ChatGPT tool in hopes of uncovering some new connection and pattern that can be synthesized from the available data.



In Conclusion

AI has come along since this famous response by IBM’s Watson on prime-time Jeopardy back in 2011 under the category “US Cities”:

Answer:

“Its largest airport is named for a World War II hero; its second largest, for a World War II battle.”

Question:

“What is Toronto?”

While they are still not perfect, tools like ChatGPT and Bard will continue to grow in sophistication and capabilities, as well as in the value that they can provide. If you would like to discuss how Paragon can help improve your testing operation using any of the comments or suggestions expressed above by ChatGPT, please reach out to us.

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