It is safe to say that AI has been making a lot of headlines in 2024. Five months into the year, Siam Commercial Bank (SCB) had introduced its AI banking services to the market.
The big question is how far can banking services be transformed; most importantly how will the end consumers perceives it.
Credit: Bangkok Post 18 May 2024
Banking back then
Traces of early banks can be found up until the time of the Mesopotamia era (Britannica). Banks then had a unique form; most them took in a shape of either a temple or private houses to store commodities such as grains and provides transactions based on the requests.
Bartering can be considered to be an early form of commerce (Investopedia); hence it is categorizable as being a first kind of transaction aka. banking activities as well.
Purpose of banking
Banking back then was a form of social events; something that involves the intents of 2 parties and a specific date of transaction. For example, the merchant will need to schedule a date with another merchant for the stored grains in the granary.
As society progresses from bartering to coins & currencies, banks gradually begins to provide loans from the available pool of funds to the borrowers (IMF).
Banks are still providing loans since 3000 BC (KOHO) and on top they offer various products such as credit cards, housing loans, etc. for the simple users. For the experienced, mutual funds, derivatives, futures, etc. are available as well.
Banking + Ai
Bank’s venture into the AI field will no doubt create a new S curve for the banking experiences and the industry. From the source circulating about SCB, it is offering 100% AI based digital loans. This service also includes car loans, mortgages and SME loans, accessible to existing SCB customers.
The introduction of AI to the financial industry definitely will spur new experiences. What is possible is that AI will help assist on the following:
1. Loan Processing
2. Personalized Advertisements
3. Process Streamlining
One thing certain is that the technology should enhances experiences throughout the whole customer journey and not hinders it.
My Spectant
The injection of AI into the finance industry can be viewed as an immediate effect. The technology by all means will pivot all existing experiences and reshape to mold a newer one, hopefully all forward shifting.
As indicated in the purpose of banking, it is a millennia old activity between at least 2 people; a social event. Just an opinionated statement, a 100% AI powered processes could increase productivity however customer experiences are to a certain extent been neglected.
With that in mind, customer experiences should not be omitted by any means. Banking in 2030 should circulate back to more of “human touch” services; more conversations alike in cafe, that is what I expect at least. Branches would become more open with zero counters. Staffs would be carrying tablets that increases their mobility and able to get close to the customers. Banks would no longer just be a “financial service”, but an “experience” of this and that beginning from finance.
Just an imaginary perspective, but thats My Spectant.
My Spectant 
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