AI-Powered Virtual Assistants in the Realms of Banking and Financial Services

Abstract

This chapter aims at providing a framework for analysis on evolutionary trends in finance that have to do with technological progress and especially with artificial intelligence (AI) applications. The starting point can be identified with a survey on how they have modified the business areas involving banking and financial services and on what can be expected – in terms of future strategic shifts and behavioral changes – on both the supply and the demand sides. The next step revolves around a wider and deeper investigation on the role that virtual assistants have started to – and are likely to further – play in the areas under scrutiny: special attention is requested upon the provision of enhanced customer service support, including conversational AI and sound branding; implications encompass developments that are on the cards, based upon digitalization as a must – not just an option – as shown by the Covid-19 pandemic. Conclusions allow to emphasize the significance, advancing features and value of this conceptual paper, as it leads to sort out best practices and success stories that are worth disseminating and replicating to benefit not only individuals and enterprises having direct interest in them, but society as a whole.