After decades of informing sci-fi movies and keeping researchers busy, artificial intelligence went mainstream in early 2023. In particular, generative AI has nearly become a part of everyday life and business. Perhaps more than any other sector, generative AI is a perfect match for the finance industry, and one of the most fascinating developments is how it can personalize banking services.
Generative AI arrived in banking as customers began to demand customized financial solutions. The insights AI can provide — and the speed at which it can deliver them — have created a unique shift in the finance industry. The only catch is that to make personalized banking a reality, financial services must recruit a new breed of talent, one with skills in AI, data, and related tech.
At Angott Search Group, where we specialize in banking and finance, we’re witnessing firsthand the emergence of entirely new skill sets as the industry evolves. Here’s what we’re seeing.
The Future of AI-Driven Personalization in Banking
Imagine a future where, by 2030, customers can design their own financial portfolios. For many finance industry experts, this isn’t more sci-fi; it’s the direction of banking.
According to these banking experts, tailored products, dynamic pricing, and AI-driven recommendations will be the norm by 2030. Banks are already leveraging AI to gain a deep understanding of individual customer needs and predict future behavior, enabling the creation of hyper-personalized services. This includes proactive financial guidance, personalized chatbots for customer service, enhanced fraud detection, and almost anything else AI specialists can dream up.
With just a few more technological advancements — and the talent to make them happen — the banking services industry will build on these initial AI-powered services and move toward adaptive solutions that cater to each client’s unique financial circumstances..
The Talent Implications for Banks and Financial Institutions
The rise of AI-driven personalization in banking depends on finance and tech professionals with a whole new set of skills. Some of the necessary talent includes:
AI specialists: The banking industry will need multiple types of AI specialists, from data scientists and machine learning engineers to AI architects and ethicists. Expertise in natural language processing (NLP) will also be in high demand, as this technology makes it easier for the average person to communicate with AI algorithms.
Data-driven relationship managers: Banking relationship managers are nothing new, but the focus on data will be. These professionals will need a strong understanding of data analytics to effectively personalize customer interactions. They must be able to interpret data, identify customer needs, and proactively offer tailored solutions. Strong communication and client management skills will remain critical, but relationship managers will also need to speak the language of data.
Financial tech strategists: Techno-functional strategists will serve as the bridge between AI specialists and traditional finance teams. Financial tech strategists will need a deep understanding of both areas to achieve the new personalized banking objectives. Their daily tasks will include identifying opportunities for AI implementation, assessing the potential impact, and overseeing the implementation of these strategies.
Leadership roles will also evolve. Banks will need decision-makers with a deep understanding of AI-driven personalization and the ability to navigate the complex regulatory landscape. That’s why some banks are actively recruiting agile professionals who can thrive at the intersection of AI, customer experience, and financial compliance.
How ASG Helps Banks Stay Ahead
At ASG, we’re committed to helping banks navigate the new AI-charged talent landscape. Our specialized recruiters are experts in:
- Identifying and placing top talent
- Providing market intelligence
- Building high-performing teams
The future of banking is personalized—let’s build the teams that will make it happen.
