Jenny Tice: They all very much desire a direct relationship. Most clients prefer to meet in person over Zoom if given the option.
Paul Yeomans: AI does not directly take away interpersonal relationships. Here at Exchange Bank, you won’t see lenders or branch staff replaced by computer screens. However, as an example, when using AI to fight fraud, customers are indirectly recognizing the value of AI.
Will you be using immersive technologies like augmented reality and virtual reality for employee training and customer interactions?
Richard Aguilar: Bank of America has invested in an immersive approach to education and training through virtual reality, which recreates real-life scenarios that employees would encounter on the job. Delivering real-time corrections and personalized feedback through over 20 VR simulations, employees can learn at their own pace while practicing the soft skills essential to success in every part of the business.
As a result, our employees and their managers are better equipped to perform their roles and more confident in their responsibilities, resulting in increased productivity and lower first-year turnover. , it has been reported that this has led to wide-ranging improvements in retention rates and improved career mobility.
Sunil Pandya: When it comes to employee training, we follow industry best practices and use available virtual tools. For our customers, we are working on a number of AI-powered features, one of the first of which is Fargo, our in-app virtual assistant. Fargo provides a concierge-like experience that helps customers answer everyday banking questions, such as “Did you receive your tax refund?” Also, instead of manually performing multiple steps to complete a task, ask Fargo to complete the next task. they.
As Fargo continues to evolve, we will be able to help customers track their finances and provide step-by-step coaching to help them reach their financial goals. Eventually, Fargo will enable customers to manage their finances on autopilot, including automating activities such as saving, investing, and asset allocation.
Paul Yeomans: This is one of the fastest growing areas of AI in business. Many people chat with AI to practice conversations and how to have difficult discussions with customers. Currently, the AI training program is not officially in place, but it is on the roadmap.
Is there anything new in terms of cybersecurity when it comes to commercial banking?
Richard Aguilar: Information security is a top priority for Bank of America because customer trust is the foundation of Bank of America’s business. Our approach to information security and data protection is fundamental as an integral part of every system, process and business interaction. We also have available resources to help clients understand how to protect themselves from cyber threats, including monitoring for ransomware, staying ahead of cyber criminals, and adapting practices as needed using a threat-driven approach. Share your knowledge with the latest information.
Jeff Clark: Cybersecurity remains a key focus for Live Oak Bank. We undergo ongoing training to detect and mitigate cybersecurity risks.
Brian Kilkenny: RCU has always had a strong focus on cybersecurity to ensure our members are protected. One of the trends we’re seeing today is that businesses, especially small and medium-sized businesses, are increasingly being targeted by cybercriminals. This is one of the reasons we recently hosted a live cybersecurity seminar for local businesses and technology professionals. We hope to do this again soon, as we believe it’s important for businesses to be aware of how they can protect themselves and their employees from cybersecurity threats.
Sunil Pandya: We are focused on building and maintaining secure systems and resilient infrastructure with best-in-class solutions to give our customers 24/7 access to their accounts and preferred channels. Masu. At Wells Fargo, security and stability continue to be our top priorities. We actively collaborate internally to best manage risk and strive to provide the highest level of cybersecurity and protection to protect the data, privacy and financial assets of our company as well as our customers. and our management.
Brandi Lee Seppi: This is nothing new, but as fraudsters become more sophisticated with AI and technology, cybersecurity becomes even more important. It is increasingly important to focus on security and education to protect our customers.
Paul Yeomans: Cybersecurity is all about protecting information. Your information is the most important thing we trust. Our goal is to continue investing in the tools and expertise to adopt a robust cyber strategy. From a commercial perspective, companies need to mature and move away from conducting sensitive business via email and fax. Unfortunately, bad actors are very sophisticated in what they do, and having a cybersecurity strategy is of paramount importance.