Raymond I Norris III, Senior Product Manager of Innovation at FNBO
Bio: As the senior product manager of innovation and disruption at First National Bank of Omaha, Raymond combines a decade of finance expertise with a focus on emerging technology. He is a Marine Corps veteran and innovation advocate.
In today’s technology landscape, artificial intelligence (AI) sits alone at the top of the list. Yet many customer-facing applications are often nothing more than smarter AI chatbots. These digital assistants work 24/7 to answer customer inquiries and tirelessly handle mundane tasks without needing a break. But when these chatbots fail, it quickly becomes a frustrating experience, driving users to seek human assistance. This passive approach limits AI’s true potential.
Chatbots for customer service have been around for decades. Despite recent advances in AI, customers want more than just enhanced text interactions with businesses. AI needs to be proactive, meet users where they are, and proactively address their needs. It’s no longer enough for chatbots to simply act as digital gatekeepers for web pages and apps, directing users to a human agent when an issue arises.
In sectors such as finance, personalized service is not only expected but essential, so banks and financial institutions are increasingly deploying AI tools for tasks beyond basic customer inquiries via chatbots. These tools range from budgeting assistance to advanced fraud detection. Research shows that many customers would welcome proactive financial advice, but not everyone has access to a personal financial advisor. For example, a proactive AI financial assistant can analyze spending patterns and provide customized advice. Imagine an AI suggesting, “Based on your current spending, you have an extra $500 left this month after your regular payments. How about putting $300 aside for an emergency fund and $200 for a vacation while you’re investigating?”
Additionally, AI can streamline traditionally bureaucratic processes like loan approval and credit scoring. By analyzing a wider range of data points, AI can more fairly assess an applicant’s creditworthiness, making loans more accessible to those in need and lowering banks’ default rates. Imagine an AI advising you: “Your loan has been approved. By the way, we’ve calculated that if you pay it back by X date or in X way, you’ll save $3,000 in interest.”
The future potential of AI lies in its ability to perform such actions autonomously, with the user’s explicit consent, to further streamline and enhance the overall customer experience. 
While AI-driven chatbots represent progress, the need for a more proactive and inclusive AI experience in banking is clear. AI has the potential to transform the industry by enhancing security, personalization, and accessibility. To meet evolving customer expectations, banks must embrace AI as a holistic tool that augments human capabilities rather than replacing them. This approach will ensure that AI serves the customer’s best interests, foster trust, and significantly improve the overall banking experience.
But integrating AI into financial services must be carefully balanced. While efficiency gains are beneficial, customers still value human interaction. AI, including chatbots, complement human advisors by handling routine tasks and data analysis, thereby freeing up human employees to focus on more complex, empathetic interactions that require human judgment.
The next big step is to determine when AI can or should autonomously take action on behalf of the user. AI can suggest financial decisions based on thorough analysis, but final execution requires confirmation by the user via a web or mobile platform. The future potential of AI lies in its ability to perform such actions autonomously, with the explicit consent of the user, to further streamline and enhance the overall customer experience. That is, “Hey AI, thanks for the suggestion, please move the money,” with confidence that the AI will not only understand the instructions, but will also comply and execute them in a secure and transparent manner.
This also increases transparency between the financial industry and users. Few things are more personal than money, and customers need to be kept informed when they are interacting with AI and how their data is being used in those interactions. Trust is crucial in the financial industry, and mishandling AI can erode this trust more quickly than in other industries. Clear communication about the role of AI and its use of customer data is essential to maintaining this trust.
Going forward, banks will need to continue innovating with AI while keeping the human touch at the heart of their services. By integrating AI into their operations and continuously improving their capabilities, banks can lead the way in delivering innovative, customer-centric solutions and redefine the banking experience for the better. This continuous evolution promises not only improved efficiency, but also a more empathetic and responsive financial ecosystem that truly puts the customer first.
