- “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.”
https://fintechmagazine.com/technology-and-ai/intelligent-banking-why-ai-shaping-future