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AI avatars are like computer characters that look like people and talk with people. They use smart technology to understand things, think, and learn, just like humans do. These avatars can be in different forms like text, pictures, videos, or sound, and they can share all sorts of info and messages, like how they look, what they’re like, how they feel, and what they want to do.

What is the financial sector?

The financial sector is like the money hub of the economy. It’s where things like banks, insurance, and investments happen for people, businesses, and even the government. This sector takes care of money-related stuff, like loans and markets, and it plays a big role in making sure things in society, like growth and stability, happen smoothly by offering different benefits and advantages.

Savings and investment

The financial sector helps people, businesses, and the government save and invest money in a safe way. They create a secure system for saving and investing by offering different products and services like accounts, deposits, and loans. This helps everyone manage their money better. The financial sector also gives options like interest rates, returns, and risks so individuals, businesses, and governments can choose what works best for them. It’s like a helpful guide for making smart choices with money.

Insurance and protection

The financial sector also helps individuals, businesses, and governments stay safe by offering insurance. They provide different products like policies and premiums that protect against things like accidents, disasters, or theft. If something bad happens, they help compensate for the losses. The financial sector gives options like coverage, cost, and benefits so everyone can pick the insurance that suits their needs and preferences. It’s like a safety net for unexpected situations.

Trade and exchange

The financial sector also helps people, businesses, and governments buy and sell things by creating a fair and efficient system for trade. They offer different products like currencies, stocks, and bonds, which make it possible to exchange goods and services. The financial sector gives options like price, value, and liquidity so everyone can pick the best way to trade that fits their needs. It’s like a marketplace where everyone can find and choose what they want to buy or sell.

Emerging technologies in finance

The financial sector is constantly evolving and improving, based on the data, feedback, and goals of the customers and the providers, and has enabled and supported various forms and formats of products and services.

Online and mobile banking

The most common way people get financial products and services is through the internet and mobile devices. Things like banking, insurance, and investment use websites, apps, and biometrics to help customers. For example, online and mobile banking lets you do things like managing accounts, making deposits, and getting loans from anywhere, anytime. These services also have features like search, filter, and compare to help you find the best options that match what you need and like.

Blockchain and cryptocurrency

A more advanced way of getting financial products and services uses something called blockchain and cryptocurrency. It’s like a new kind of platform for things like banking, insurance, and investment. These services use fancy technologies like encryption, decentralization, and smart contracts to make things secure and transparent. For example, with blockchain and cryptocurrency, you can get currencies, stocks, and bonds in a safe and clear way. They also offer options like privacy, security, and efficiency to help you pick what’s best for your needs.

Artificial intelligence and machine learning

The most advanced way of handling money stuff is by using really smart technology called artificial intelligence and machine learning. This tech is like a super brain that helps with things like banking, insurance, and investment. It uses cool techniques like understanding language, recognizing images, and deep learning to look at lots of data and give smart suggestions. For instance, it can offer personalized accounts, deposits, and loans in a clever way. It also gives options like personalization, customization, and recommendations to help you pick what’s just right for you.

Need for Innovation in Banking System

However, the financial sector also has some challenges and drawbacks. Sometimes, the products and services they offer can be complicated, unclear, or unpredictable. This can make customers unhappy and less loyal because it might affect their rights and interests, like their privacy, security, and reputation. For example, if the quality or reliability of the products and services is not good, or if there are issues with delivery, return, or refunds, it can create problems for the customers.

Customer engagement and interaction

the financial sector can sometimes make things less interesting for customers by offering products and services that are repetitive, predictable, or generic. This can make the value of these products and services go down and may not be as engaging as interacting with humans. For instance, if the products and services lack emotion, expression, or feedback, it might not be as enjoyable for customers.

That’s why it’s important to find new and creative technologies that can enhance or go beyond what the financial sector offers. These technologies should bring benefits like making customers happy, loyal, engaged and involved while also helping providers be more efficient, productive, diverse, and representative. One such technology is AI avatars. These are like digital characters that use smart technology to talk and interact with people. They can take different forms like text, images, videos, or audio and share various information and messages, like how they look, what they’re like, how they feel, and what they want to do.

AI Avatars in the Financial Sector

AI avatars are like digital versions of people that can talk and interact with customers using natural language and gestures. They use smart technologies such as video synthesis, voice synthesis, speech recognition, and understanding human language. When customers use digital platforms like mobile apps, websites, kiosks, or chatbots to access financial services, AI avatars make the experience feel more human-like. These avatars also help financial institutions work better by automating tasks, giving useful insights, and offering personalized advice to customers.

DeepBrain AI Avatar in Banking

DeepBrain AI is a company that uses the smarts of AI to make human-like avatars for the banking world. These avatars can be personalized, like having super realistic 3D avatars or fun cartoon characters like those in Roblox. Banks, like Hana Bank and KB Bank in Korea, use these avatars to share updates and info about banking stuff and even reduce wait times at kiosks.

These AI avatars from DeepBrain AI can team up with chatbots to offer personalized customer service and answer simple questions. They talk like real people, using natural language and emotions to connect with customers. Shinhan Bank, another top bank in Korea, uses an AI avatar called ‘Shinhan AI’ for this.

But here’s the cool part: these AI avatars can also step into a virtual world called a metaverse. In this digital space, customers can chat with them in cool places like museums, car dealerships, or markets. It’s like a more lifelike way for customers to explore different aspects of banking. DeepBrain AI even made their own metaverse called ‘DeepBrain AI World’ that you can customize with their AI avatars.

Benefits of AI Avatars in Finance

AI avatars bring lots of good things to the financial world:

  1. Making Customers Happy and Loyal: AI avatars make banking online feel more personal and friendly. They’re like helpful digital assistants available 24/7, making things super convenient for customers. Plus, they create a strong emotional bond, making customers stick around and come back.
  2. Getting Things Done Faster and Better: AI avatars help banks work more efficiently. They can handle different tasks like customer service, analyzing markets, suggesting products, and making sure everything follows the rules. By using data and smart insights, they improve decision-making and performance. Also, they cut down on mistakes and costs by doing tasks that don’t need humans.
  3. Bringing in New Ideas and Growing: AI avatars open the door to cool new ways of doing things in banking. They can also find fresh opportunities and markets by connecting with new groups of people and exploring new places. By sharing knowledge and good practices, AI avatars help banks and others in the financial world learn and grow together.

Conclusion

AI avatars are changing how banking works!

They make things feel more personal for customers, like talking to a real person. Plus, they help banks work faster and better. These avatars also bring in new ideas and ways of doing things, helping the financial world grow and improve. So, it’s not just a tech upgrade but a smart move for banks in the digital age.

If you want to know more about AI avatars and how they’re shaking up finance, you can check out DeepBrain AI’s website and join their online seminar.

You can even make a free AI video using their AI Studio to see how these avatars can help you share your message in a cool way.

About the author

Kyrie Mattos