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What is a Virtual Agent? According to TechTarget, a virtual agent is “a software program that uses scripted rules and, increasingly, artificial intelligence applications to provide automated service or guidance.
Given the proliferation of banking technology and the industry-wide emphasis on digital transformation, it might seem strange to hear that it’s more important now than ever before for banks to return to basics — but let’s take a moment to think about what that really means.
You’ve seen the headlines and heard the doomsday predictions all claim that disruption isn’t just at the financial services industry’s doorstep, but that it’s already inside the house. And, loathe though we are to be the bearers of bad news, there’s truth to that sentiment.
Banking customers generate an astronomical amount of data every day through hundreds of thousands — if not millions — of individual transactions. This data falls under the umbrella of big data, which is defined as “large, diverse sets of information that grow at ever-increasing rates.
Banks in the financial services industry stand at a crossroads: Either carry on, business as usual, or embrace digital transformation and reimagine business operations from top to bottom. One road leads to irrelevance, the other to long-term growth and success.