“For all the talk and hype surrounding technologies like AI and blockchain, just a little more than one in 10 mid-size ($500m to $50b assets) financial institutions will invest in chatbots or machine learning this year according to a study from Cornerstone Advisors.
Cornerstone has surveyed financial institutions to find out which technologies they plan to add or replace in the coming year. Here are the top five for 2019:
1) Digital account opening.
2) Person-to-person (P2P) payments.
- Consumers moved a little more than $300 billion in funds to other people through their banks and credit unions in 2018, with Zelle accounting for about 40% of that.
3) Customer relationship management (CRM)
4) New account/teller systems
- The percentage of FIs planning to add or replace new account/teller systems doubled between 2018 and 2019.
5) Commercial loan origination systems (LOS).
- So when will technologies like AI and blockchain crack the top 5 hottest technologies? Never. We’re in a phase of technology development where AI is being assimilated into the systems and apps that banks already deploy. AI will become indistinguishable components of systems and tools.”