The Changing Role of AI and Person-to-Person Interactions in Retail Banking


Nomis Solutions today announced that Frank Rohde, the President and CEO of Nomis will be participating in a panel discussion entitled, “Artificial Intelligence (AI) vs. Humans in Banking” at Banking Disrupted, a leadership summit to be held at the Silicon Valley Elks Lodge in Palo Alto, CA. on Sept. 14 -15, 2016.

The panel discussion will begin at 2:45 pm on Sept. 14, 2016, and include executives and user experience professionals from leading technology companies including GainX, ecosystem.AI, and WiseBanyan. 

Algorithms and apps could replace half of the banking jobs over the next 10 years, according to some forecasts. At the same time, people still prefer person-to-person interactions when it comes to big financial decisions. The panel will address some key questions including how AI will change banking, and if the human touch will still be necessary for the future.

“There is a big move towards self-serve in banking,” said Frank Rohde, President & CEO of Nomis Solutions. “Certainly, there are a number of transactions and interactions with the bank that quite frankly should be self- serve. However, the majority of complex transactions like a mortgage, home equity loan, or even a car loan, will still require the advice of a human. Consumers, even Millennials will be uncomfortable talking to a machine about a transaction that involves hundreds-of-thousands of dollars.”

According to Mr. Rohde, there is a real focus on what technology and machine learning can enable bankers to do. To what extent can the retail banker have access to the science, the analytics and data on transactions, applications, declines, accepts, and consumer preferences, in order to become smarter, more data-driven, and effective when interacting with the consumer.

Silicon Valley Innovation Center’s Banking Disrupted summit provides banking executives, Fintech innovators, and investors a unique opportunity to meet face-to-face with leading innovators and disruptors from Silicon Valley, to discuss the threats and opportunities arising from emerging technologies.