Artificial Intelligence in banks: An emotional exploration by Dr. Eckhardt, Chairman of Volksbank Hochsauerland's Board

In the rapidly evolving world of banking, Dr. Stefan Eckhardt, the CEO of Volksbank im Hochsauerland, is advocating for a shift in perspective. He believes that the banking sector should not be limited to the traditional three German banking pillars.

Dr. Eckhardt, a seasoned veteran with over 30 years of experience in Volksbanks and Sparkassen, is a firm believer in the power of emotional customer relationships in banking. His company, Volksbank im Hochsauerland, focuses on creating added value through emotional bonding with customers.

As AI technology continues to advance, there is a growing possibility that it could drive all aspects of banking business. This could mean that a significant part of the tasks currently performed by bank employees could be automated. However, the question remains: if AI drives all aspects of banking business, what remains for human involvement?

Dr. Eckhardt emphasizes the importance of trust in this technologized world. He suggests that the desire for trust may even intensify with the handling of technology in banking. The trust of customers in their direct bank advisor is a focus in the banking world, and this trust is built through emotional customer relationships.

Enthusiasm in all life phases, particularly with young customers, is important in the banking world. Dr. Eckhardt believes that by fostering a positive and engaging atmosphere, banks can attract and retain customers, especially the younger generation.

In a world where many tasks are driven by knowledge that is then partially implemented at the customer or in the technology, the emotional connection between the bank and its customers remains a crucial aspect. Volksbank im Hochsauerland operates a website and seeks to maintain this emotional connection online as well.

However, the banking sector faces potential challenges from AI technology. Large US and Chinese tech companies such as OpenAI (ChatGPT), Microsoft, and Google, which dominate the generative AI landscape, pose a threat. European AI startups like Mistral AI and Aleph Alpha, which focus on privacy and sector-specific AI solutions, including for the banking sector, also represent emerging competitors.

Despite these challenges, Dr. Eckhardt remains optimistic. He believes that even with evolutionary changes, focusing on the emotional customer relationship in the banking world appears beneficial. In a technologized world, mutual interaction remains the stability anchor, looking towards the future.

Dr. Eckhardt, who is 54 years old and married with three sons aged 12-17, is a testament to the longevity and adaptability of the banking sector. His leadership at Volksbank im Hochsauerland serves as a beacon for the future of banking, where emotional customer relationships and trust remain paramount.

Artificial Intelligence in banks: An emotional exploration by Dr. Eckhardt, Chairman of Volksbank Hochsauerland's Board