- “Most consumers (58%) are more likely to recommend a company that can demonstrate its AI algorithms are bias-free, and more likely to purchase products or services from such businesses (56%). Gen Z (69%) and millennial (70%) respondents champion unbiased brands even more so.
- Only about a third (35%) of senior executives say their companies offer AI-related reskilling opportunities, no improvement from 2018.
- The top benefits of AI according to senior executives are improving customer experience and service (39%), the ability to leverage data and analytics (36%), and freeing up more time for employees to focus on more important tasks (35%).”
“Right now, our target customers are financial and fintech startups, as well as other companies deploying the automated process (both software and RPA) in their financial processes,” he added. “The financial systems are our current focus, but the attacks on machine learning are relevant in many other areas: process automation, e-commerce, manipulation of ‘trend detection’ algorithms in social media and other opportunities.”
- “Like many lending institutions, Vista Bank, and its community network of 15 branches across Texas is helping small businesses apply for funding across the state within a mandated filing timeline of only 10 days.
- With so many businesses rushing to get loans, the bank was looking for a scalable solution that could meet audit requirements and process an estimated 1,000 applications for customers – more than the total numbers of loans it processed last year.
- ‘In an industry where an estimated 35 percent of processes are still manual, the case for process automation in banking is compelling,’”
- “By 2022, customer service will remain the leading area of AI use in companies (say 73% of respondents), followed by sales and marketing (59%), a part of the business that just a third of surveyed executives had tapped into as of 2019.
- ‘I think the next big wave is that notion of a digital profile where you and I can control what we do and don’t want to share—I would be willing to share a little bit more if I got a much better experience.’”
“In his latest work about the next generation of financial services, Genovese recognises six prevalent business models that are either already present in the space, or are moving into it:
- Leading digital commerce platforms, such as Amazon and Alibaba
- Leading consumer technology companies, such as Apple and Google
- FinTechs, such as PayPal, Betterment, SoFi, Airwallex and others
- Digital, virtual, challenger and internet banks, such as WeBank, N26, Revolut, and Monzo
- Telcos and players from other industries, such as PingAn, OrangeBank, and Gazprombank
- Incumbents (or “Fincumbents”) which are launching their own digital banks separately – Standard Chartered – Mox as one example
- Incumbents, who are the traditional big banks accelerating and scrambling to transform and offer new digital and mobile services – JP Morgan Chase, HSBC, China Merchants Bank”