Trust starts with transparency
Receiving pushed product offers may alarm customers and erode trust. This is important for banks to keep in mind, particularly as they become increasingly active participants in the “experience economy" – meaning that instead of simply selling a commodity-based mortgage, banks offer financial betterment that helps customers understand what they can afford, the types of mortgage products that would be most beneficial, implications on cash flow and other bills or debts, etc.
In this type of AI-enabled experience – which factors into the entire financial context – banks must be transparent about the data they have, the insight it gives them, and how they can use it to help their customers in an ethical manner. Put a different way, banks need to explain to their customers how and why they're prescribing solutions.
Another aspect of transparency and trust in a bank's AI environment is traceability and trackability. This means the ability to go back to the exact point in time when a decision was made, and determine why it was made. For example, when a customer applies for a loan, the bank should be able to provide more than a “yay" or a “nay" and the credit score that supports the answer. Without giving away its loan-scoring “secret sauce," the bank should be able to explain factors that its AI capabilities used to make the decision, such as business tenure and gross assets. And if the financial institution declined the loan, it should explain what steps the customer can take to improve approval chances.