Using artificial intelligence to disrupt financial institutions

First it was the mobile revolution that disrupted the banking system, now artificial intelligence (AI) is looking to make its mark.

Finn.ai, a Vancouver, BC-based fintech company, is looking to digitally transform financial institutions and make banking easier for consumers by offering an AI-powered personal banking and financial management assistant.

With Finn.ai’s smart virtual assistant, banks can provide a personalized wealth manager for every single client at zero marginal cost, and through any conversational channel, such as text, Facebook Messenger and other Android or iOS apps.

“Our AI-powered day-to-day banking concierge will help banks evolve from a utility to a value-added service,” explains Ruby Lin, the company’s growth and partnerships lead. “What banks can traditionally do through a web/mobile app, Finn.ai can do through a conversational interface: pay bills, transfer money to friends, check balances, find ATMs, find product information and customer support through a mix of AI and human interaction.”

Finn.ai is “at the forefront” of AI and automation technology – a good place to be as the world moves from a mobile-first world to an AI-first mentality, she says. The company is nominated for ITWC’s Digital Transformation Awards, being held June 14 in Toronto. Though nominations for this year are now closed, we’re covering every nominee that we’ve received in ITBusiness.ca ahead of the big event.

Finn.ai partners with banks and financial institutions, from proof of concept to production and live testing, to deploy its virtual assistant.

“As with mobile, banks have started to incorporate AI and chat capabilities into their digital fold,” Lin says. “From [proof of concept] to production, we work on adding further functionalities, move into live testing and start to incorporate human support.”

Working with Finn.ai has allowed its clients to increase operational efficiencies, revenue, as well as their customer base and customer retention, pointing to its partner ATB Financial.

“With our partners, ATB Financial, we launched a production grade virtual assistant to perform money movement (the first of its kind) through Facebook Messenger. Day one, our virtual assistant will look to answer 20 per cent of low level questions for ATB – allowing their agents to answer higher level questions. We will expect to see a growth in new millennial customers and retention,” Lin adds.

She continues to add that by working with Finn.ai, banks are encouraged to “further advance their technological systems” and digitally transform their business.

“At the core of our company is the culture of innovation. By working with us, several of our clients have revisited their digital strategies and had conversations within their leadership team to drive this initiative forward,” she explains.

“Finn.ai help banks rethink the way traditional banking is done, with the help of machine learning technology. We are opening the doors to transform century-old practices – not through ‘overriding’ the banks but working with them to help them disrupt within.”