Major banks are betting on artificial intelligence (AI) to act like a digital personal assistant to customers, helping to automate money-making decisions, top CEOs in the sector told CNBC, amid the continued threat from new, more nimble entrants into the market.
“Really people don’t like banking , it’s boring, it takes time, causes them stress, and people have bad financial habits,” Carlos Torres Vila, CEO of Spain’s BBVA, told CNBC in an interview at the Money 20/20 conference in Copenhagen earlier this week.
“What we can do is leverage data and AI to provide people with peace of mind, really having an almost magical experience that things in their financial life turn out the way they want it. It’s almost like a self-driving bank experience.”
BBVA is one of the big banks investing heavily in moves to digitize its operations, as customers come to expect more from mobile apps and the way they interact with lenders.