AI in the Financial World: What You Need to Know

Last Updated: 18. Dezember 2023By

Artificial intelligence is both a blessing and a curse. AI can be a reliable help in everyday life. A recent study, for example, shows that algorithms can better estimate the risk of developing breast cancer than previous risk models. AI can also make you desperate. For example, when you are talking to a robot on the phone and have to answer countless questions to get connected to the right contact.

In addition, AI can be dangerous and expensive for you. In the banking world, an artificial intelligence combines personal and statistical data as well as market data so that you can conclude a contract with a clear conscience. However, the contract is particularly advantageous for the bank advisor because the AI optimizes his commission.

AI for the customer journey to the sale conclusion Recently, reported on the „Handelsblatt“ conference „BankenTech“ – the conclusion is particularly disappointing for investors. „We make sure that more people can fulfill their dream of owning their own home,“ for example, Marcus Fienhold, computer chairman of the money broker Interhyp, is quoted. But it’s all about selling. The Interhyp computer system ensures an optimal „customer journey“. Closures are always in the foreground. Therefore, it is analyzed how the customer converts by phone, video or in a face-to-face conversation. „Converting“ means in the language of the salesman the change from interest to a sales closure.

The artificial intelligence „Roberta“ is responsible at Interhyp to make sure that as many potential customers as possible convert. Customers, the house in focus, the neighborhood and advisers who have „converted“ well in such cases are analyzed.

Apparently, Roberta comes to good analytical results, because Fienhold told that there had already been „significant improvements“.

Skepticism among conservative bankers Conservative bankers are skeptical of such analyzes. The unrestrained use of data that customers have given away in another context is problematic. „We must not evaluate the data,“ a banker who participated in the „BankenTech“ is quoted on

Fact is, however: banks work with external computer service providers and of course customer data is analyzed and used to the advantage of the banks.

Loss of trust due to data failures It is also getting worse that there are data failures from time to time. Recently, the „Handelsblatt“ reported that 144,000 data sets had been stolen from the service provider Majorel. Especially affected were Postbank, ING, Deutsche Bank and Norisbank.

There were also computer problems when the Postbank IT was to be merged with that of the parent company Deutsche Bank. Many accounts were inaccessible to the account holders. In addition, many banks still work with ancient systems. John Cryan, British banker and until 2018 CEO of Deutsche Bank, called the systems „lousy“ eight years ago, two years later he spoke of „antiquated“ according to

What you can do With this look behind the scenes: Do you still trust the recommendations of the banks?

It is better to get a second opinion. Here „Safe Money“, the advisory service for critical investors who want active asset protection, can help. Loyal readers are very satisfied with the recommendations because they were able to protect and increase their assets despite the crisis in the past two years.