AI in banking: Where it works and where it doesn’t

  • “‘A lot of organizations embrace AI and start to work on it,’ he said. ‘But they have been in continuous experimentation mode, so nothing has really gone into production to drive through business value in terms of new revenue growth, efficiencies or better recommendations. So there’s a lot of money going into it, but no return coming up.’
  • ‘Not just in banking, but in all industries there is going to be some amount of disruption in terms of customer expectation management, financial institutions included,’ Kagoo said. ‘If they do not continue to innovate and drive more hyperpersonalized services and meet their customer where they want to be met, they will lose out right in terms of market share, because the consumer is continuing to get used to, or be introduce to, these kinds of digital models and personalized service.’”

https://www.americanbanker.com/news/ai-in-banking-where-it-works-and-where-it-doesnt

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