Intelligent banking: Why AI is shaping the future

  • “Artificial Intelligence – or AI – has transformed the financial services industry globally. In just a few short decades, the sector has become reliant on the technology that powers its data aggregation, security, authentication, products and services.
  • AI adoption has permeated more facets of banking with various use cases such as advanced fraud detection, customer identity validation and authentication, including voice-based mechanisms etc. Banks and credit unions are rapidly automating and improving various functions with robotics and artificial intelligence.
  • The ability to offer differentiated and personalized customer experiences will be a valuable differentiator in personal finance. AI lies at the heart of creating personalized experiences and offerings, so it is bound to have a plethora of use cases.
  • An IDC report estimates that worldwide spending on AI systems will touch $110 billion in 2024, more than doubling from $50.1 billion in 2020. A recent EY survey found that 64% of financial institutions are planning to leverage AI technologies extensively within the next two years.”

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