Artificial intelligence, automation and machine learning
“In 2019, the Bank of England found that two-thirds of respondents to its survey already used machine learning – mainly in anti-money laundering and fraud detection. It attributed restrictions to internal factors such as roll-out on legacy IT systems and data limitations. Automation, AI and machine learning will revolutionise the sector – allowing traditional banks to compete with their digital-native competitors.
There are some obvious areas where AI will transform the industry. The ability to spot spending patterns that might indicate fraud, for example, or the ability to make instant decisions on things like loan applications and credit limits. This would not only speed up the decision-making process for customers (making for a far better customer experience) but also means banks can compete with the challengers who are already offering faster financial decisions based on an AI-powered risk assessment.”