Why Waiting to Adopt New Tech Might be the Smart Choice for Banks
As a millennial raised by two software engineers you could say technology has been a close acquaintance of mine since birth. I can’t deny, I’ve been caught with four screens in front of me all doing something different … I love technology. But, sometimes the latest tech isn’t right for you, or maybe it’s just not right for you yet.
I would make the case for this when it comes to artificial intelligence and banking. Simple chat bots for amusement and customer service have been rising in popularity, but their purpose is elementary. A recent Venture Beat article urging banks to wait on bot implementation shared a study from Forrester showing quality, next-gen bots that are two to three years away are a safer and smarter investment.
When it comes to banking and finances there are already a number of complexities not to mention security threats. Current bots on the market are poor quality and lack the technological advancements needed to properly cater to banking customers’ needs. As the report states, “If Taco Bell’s TacoBot misunderstands a person’s request and orders three tacos instead of one, the results are unlikely to be catastrophic. If, however, a bot interaction accidentally leads to the same person sending money three times or paying a bill wrong, the results can be costly.”
In a technology driven world the need to be continuously evolving can be overwhelming, however in some circumstances it is best to wait for the right timing. Implementing a less than par product that could potentially lead to momentous issues would be a mistake by banks … not to mention a PR crisis. After all, it’s the obligations of big institutions to do their due diligence before potentially exposing customers to pricey consequences.