AI and machine learning are here—is your workforce ready?

Retail banks are taking artificial intelligence and machine-learning technologies and running with them. Armed with these tools, they’re adding speed and ease to banking and completely transforming the customer experience.

Algorithms are churning out faster, more accurate credit decisions, speeding up risk assessments, and helping banks catch fraud in real time. Virtual assistants can delight customers by anticipating what they need—before they know they need it. Banks are redesigning the look and feel of branches as they adopt smarter, more advanced wireless technologies. And process automation is freeing up bank employees from mundane, repetitive tasks so they can focus on providing more stellar customer service.

Yet new technology is impacting banks’ workforces just as much as it’s impacting their customers. To thrive in the digital landscape, retail banks need to prepare their employees to embrace and take ownership of the new tools available to them—so that customers can benefit fully from these powerful technologies, too.

 

Taking steps like these can empower your workforce to gain and maintain digital fluency in a rapidly changing world

 

It’s personal. As retail banking gets more digital, it also gets more personalized. Banks that invest in a robust, secure wireless infrastructure across a branch network have the ability to engage with customers through their mobile devices. Employees need to know how to fully use these capabilities, which include data collection for more personalized services.

Security comes first. Data and security must go hand-in-hand, and having powerful security measures in place is a topmost priority for retail banking. Making sure the workforce is well-versed in security protocols is essential for maintaining customer trust.

Interactive is effective. As technology shifts, human roles shift too. Some institutions are pivoting away from traditional branch models and toward a more interactive “universal banker” model. Able to assist with an array of complex services, from loans to investments, the universal banker can build a rapport with customers in fresh new ways.

Opportunities await. With AI and machine learning, banks are digitizing the processes involved in complex financial transactions. That means a lot less paper and a faster, more frictionless experience. Employees need to embrace the change, finding new opportunities to engage with customers and personalize the transaction.

Training is key. Investing in training is essential for institutions to keep employees’ technical and soft skills up-to-date. The most progressive training methods are digital themselves, whether it’s webinars, virtual-reality tablets, or online learning platforms that offer video trainings on demand.

Memos matter. Email communications from company leaders offer a top-down approach to reinforcing the importance of workforce training. A regular cadence of executive communications can emphasize the ultimate goal behind training: to reach the next generation of banking customers.

Collaboration is king. As the nature of the customer journey changes, both inside branches and on digital platforms, retail banks find themselves in the midst of a major transformation. Through it all, banks need to rethink how and where they collaborate with a digitally enabled workforce to improve the customer experience. When collaboration is your touchstone, it becomes your competitive advantage.

By empowering employees with AI, machine learning, and other technology skillsets, retail banking organizations can tap into expanded capabilities and novel, more effective ways of working. All the while, you’ll excite and inspire your workforce—amplifying their ability to connect with customers and to deliver beyond expectations in ways that surprise and delight.

For more information on elevating experiences, visit Cisco Financial Services.