This experience highlighted the limitations of current banking chatbots. Had AI been integrated, the process could have been streamlined significantly. AI could analyze all dialogues, form a dynamic knowledge base, and provide flexible, accurate responses instead of relying on static databases.

There are several compelling reasons for banks to adopt AI:

1. Enhanced Client Satisfaction: AI can provide more convenient and personalized service. By understanding and predicting client needs, AI can offer more accurate and timely solutions.
2. Increased Transaction Efficiency: AI can help banks increase transactions like forex exchanges, deposits, and loans by offering precise recommendations and facilitating smoother processes.
3. Insight Generation: AI can generate insights into which services are most in demand, helping banks optimize their offerings and improve their service portfolio.
4. Cost Savings and Efficiency: AI can handle a vast number of queries simultaneously, reducing the need for large customer service teams and minimizing human error.

Traditional banking services are often seen as primitive and inflexible. Only neobanks, which offer more convenience and flexibility for clients, seem to thrive in the current landscape. The traditional banking system is ripe for transformation, especially with the rise of cryptocurrencies. For instance, my wife and I wanted to make a significant purchase in the U.S. Paying by credit card would limit our spending ability. When I asked if we could pay by bank transfer, the store agreed, but the bank said the transfer would take 5-6 days. To expedite, I transferred money to my American account, but the bank limited the first payment to $5,000 due to it being a new account. In contrast, I sold some cryptocurrency, exchanged it for dollars, sent it to my bank account, and paid for the purchase all in one day. This efficiency is why I support crypto as the future. Traditional banking rules are cumbersome and limiting, while crypto transactions are quick and seamless. Ideally, if stores accepted crypto, transactions would be instantaneous, though the U.S. still has a long way to go in accepting crypto.

The need for AI in banking is clear. It’s not just about keeping up with the latest technology; it’s about fundamentally transforming how banks operate and interact with their clients. AI can provide the agility, efficiency, and personalized service that modern clients demand. Without adopting AI, traditional banks risk being outpaced by neobanks and other financial technologies that offer more innovative solutions. The future of banking lies in embracing these advancements, ensuring that client experiences are seamless, efficient, and satisfying.