Can AI Turn Banks Into FinTech Firms?

  • “A full 90 percent of consumers said their top online activity was personal banking, according to the latest edition of PYMNTS’ Digital Banking Tracker — and 60 percent reported regularly using at least one financial services app.
  • The same thing, Priestley noted, can be said of applying AI and machine learning to anti-money laundering (AML) and know your customer (KYC) issues. It’s a massive problem, given the $2 trillion laundered through the banking system every year.
  • That might mean, for example, the system recognizing a high-net worth, and sending them messages about savings or investment vehicles. That could be noticing new parents, and directing them in how to start a college savings account. It’s not just about managing risk, he said, but about finding how to boost the top line in ways that seem natural to customers. That is a trend emerging in all banks, he said.”

https://www.google.com/amp/s/www.pymnts.com/news/artificial-intelligence/2019/machine-learning-legacy-challenger-banks/amp/

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