• EVERY DAY, NEW

PROBLEMS ARE BEING

SOLVED AND OLD
MARKET BEING
DISRUPTED BY WHAT IS
CALLED ‘AI’.PROVIDE AN
EXAMPLE OF HOW
ARTIFICAL INTELLIGENCE
TOPIC 4 IS SUPPORTING AN
IMPORTANT BUSINESS
NEED WITH A COMPANY
OF YOUR
CHOICE.OUTLINE THE
OPPORTUNITIES AND
CHALLENGES THIS
CREATES
 •BANKING
SECTOR(HALIFAX)
•Halifax is a British banking
BUSINESS brand which operate as a
trading division of Bank of
TARGET Scotland.
HALIFAX BANK

• Halifax Bank has been incorporating

AI into its operations to improve
customer satisfaction and growth.
One of the main issues was the long
waiting times for customers with
issues with their accounts or banking
apps. To address this, Halifax created
an AI bot that communicates with
customers to identify their problems
and provide suggestions for easy and
faster solutions. The bot feels like a
customer advisor when interacting
with customers.
 • The AI assistant bot has significantly boosted
Halifax's business, but it also presents
challenges that need to be addressed. The
benefits of AI assistant bots are highlighted,
followed by addressing the challenges.

IMPORTANTS IMPORTANT OF THE AI ASSITANT BOT

AI assistant bots can improve efficiency and
AND productivity by handling routine tasks, freeing
up human resources for more strategic banking
CHALLENGES tasks. They also offer 24/7 customer service,
addressing needs outside regular business
hours. Halifax may also experience cost savings
in human resource allocation, training, and
scalability.
AI assistant bots can process enormous
volumes of data to produce insightful analysis
that can be used to improve services and help
Halifax make data-driven decisions.
CHALLENGES

• Correctness and Comprehension: Customers may become frustrated with AI bots if they have
trouble comprehending complicated or unclear requests and offer incorrect information .
• Absence of Personal Touch : Particularly in delicate or emotional circumstances where empathy
and understanding are vital, some customers might prefer face-to-face communication.
• Safety Issues: Strong security measures are necessary when handling sensitive financial data.
Concerns regarding data privacy and security breaches are brought up by the usage of AI bots.
• Challenges of Integration: The process of integrating AI systems with databases and existing
infrastructure can be difficult and time- and resource-consuming.
• Instruction and Upkeep: AI bot effectiveness requires regular updates and maintenance. It
might be a constant effort to train AI models to adapt to new settings and technologies.