UK bank, Royal Bank of Scotland (RBS) has announced it will be rolling out an artificial intelligence programme called “Luvo” to support its human staff. Using artificial intelligence is not a new idea in financial services, with intelligent financial instruments being used to manage money on a daily basis, but Luvo is different in that it has been given a “human” personality.
The idea behind this decision is to make the AI seem more personable, friendly and warm. At present, it is being used to help support human employees but the bank hopes to roll out the tech so that customers can interact with it directly. It is currently being used to answer basic queries like “my customer has lost their bank card, what steps do I need to take now?”, which is rather banal, but as the tech develops it is likely to offer more in the future. With Luvo’s apparent “human” personality, this forms a good basis for such a service.
Quite how automated our future banks will be is anybody’s guess, but it would appear that the financial sector is investing heavily in artificial intelligence development with an aim to cut staff costs and improve the efficiency of their customer service.
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