Disrupting the financial and banking services using digital twins

Key points

    Improving financial service fulfillment via digital twinning

    Fortifying digital banking institution safety

    Making infrastructural changes using virtual twins

By Carlos Miskinis
Digital twin research expert
Feb 2019

The financial industry and banking services are fields that experience constant changes that are born from technology advancements such as digital twin.


As the trend of switching from physical interaction with a bank branch to relying on using digital banking services using an internet connection is growing, the importance of ensuring the safety of customer funds and the need to improve the quality of digital customer service is growing. Apart from that, statistics report that over 45% of banking service customers are starting to depend more on taking care of their needs using digital devices rather than interacting face to face with a service provider. This solidifies the idea that optimal digital security is an objective that must be achieved in order to successfully switch the financial service sector to be fully capable of accommodating safe digital interaction with the customers. Today’s article will be dedicated to explaining the possible changes virtual simulation technology will be able to impose on the financial and banking services, allowing us to stipulate the most plausible solutions for the most current problems in these two sectors up to date.


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Improving financial service fulfillment processes using virtual twin


Due to the immense consumer shift towards using financial services via mobile or desktop devices, the need to focus on improving customer fulfillment via online channels is getting more and more crucial every year. In order to create a customer relationship management and fulfillment solution that would replace the need to hire support assistants, financial institutions are cooperating with 3rd party companies in order to gather data around how consumers interact with their service online. This will provide valuable insights on how digital twin can be used to utilize this 3rd party data to its fullest extent and create simulations using the virtual platform to manufacture virtual assistants to help solve consumer problems. As of now, the quality of a fully automated, digital assistant that functions based on an algorithm is not acceptable. Statistics indicate that the “bounce rate” (a metric that indicates the retention rate of a website page visitor) is fairly high when it comes to failing to retain users on pages that are solely meant to use virtual assistants to answer consumer inquiries.



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Part 2

Fortifying financial institution safety using digital twin

In order to ensure a successful digital transition for financial institutions, safety must be the main focus

Due to the limited nature of a virtual assistant that is functioning on a static “question & answer” based algorithm, its overall intelligence cannot and will not suffice the needs of a conscious consumer. Because of this issue, financial institutions need to find a way to improve this experience if the goals of minimizing business costs and increasing work efficiency need to be reached. One of the most practical methods of achieving an automated virtual assistant who could learn from every single experience that is presented to him is to use simulations. We will be covering the manufacturing and optimization of simulations in one of our local seminars called financial security via digital twins – find the conference near you. By gathering data from thousands of potential customer interactions, the automated digital twin bot could handle live chat conversations with ease, thus increasing digital customer experience.


Simulating digital security breaches to improve banking institution safety


Since the biggest upcoming changes that will impact all banking institutions across the globe will be mostly related to advancements in digital technology, optimal cybersecurity must be ensured in order to experience a safe digital banking service progression. Because of the fact, that almost 50% of users are willing to skip local bank branches and interact with the financial service provider on a digital level only, the safety of those online interactions can be defended and fortified even more via virtual twin. The main purpose of simulation technology for banking service security is the ability to create simulations that would create virtual cyber attack scenarios the AI could learn from. This will allow the technology to build an elaborate set of actions to counter-attack all angles of a digital breach, increasing the safety of customer funds.



improving banking services using virtual simulations


Improving financial and banking service infrastructure using digital twin


More businesses in the financial sector are starting to realize the efficiency of digital online processes that have the ability to replace manpower and take over the execution of day to day processes that can be accomplished using algorithms. Various tasks such as bank account fund checking, digital fund transfer checks or policy generation can be handled by automated digital twin powered bots.


Find out about how the biggest companies in the industry are utilizing this technology to enhance their financial services – attend our event by clicking above.

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