Sibos 2021: Swift, Deutsche Bank, Société Générale and C3.AI to collaborate on AI platform

  • “On day two of Sibos 2021, representatives from Swift, Deutsche Bank, Société Générale and C3.AI took to the virtual stage to explore how collaboration and establishing a community between banks can support the deployment of artificial intelligence (AI) at scale.
  • Aggregating data, however, can ensure that the utilisation of this data is accurate, and decisions are based on predictive systems. Further, aggregating non-personally identifiable information (non-PII) data between banks in a secure, encrypted manner can ensure clear forecasts to create the ‘next best product’ and then, the ‘next best offer,’ which is what the AI platform will aim to do.”

Banking on technology

“Mr Chatchai said that GH Bank will also provide more convenience to customers in the first quarter of next year by allowing them to conduct a live chat with the bank’s staffers to request a mortgage loan.

With the live chat feature, customers will no longer need to go to GH Bank branches, in line with social distancing practice amid the Covid-19 pandemic.

Once their loan is preliminarily approved, they can go to a bank branch to submit the required paper documents.

The live chat function will be available on the GHB All mobile application. The app has seen more than one million transactions as of Sept 30, up 34.21% from the end of last year. Currently the app has more than 1.142 million users.”

Ally Financial Explains Why AI-Supported Devices Are Key to Meeting Consumers’ Shifting Banking Expectations

  • “65% of customer questions that come to the company’s artificial intelligence (AI) -supported digital assistant, Ally Assist, are currently being answered by the chatbot without the need for human assistance.
  • ‘Consumers have become accustomed to having instant access to information 24 hours a day and have come to expect the same from the companies they interact with,’ he said. ‘Financial services [are] no different. For banks to remain competitive, they must meet their customers where they are — everywhere.’”

Intuit Accelerator Combines Fintech For Good With AI

  • “As for Bankuish, it’s currently focused on Brazil and Mexico, where it’s formed partnerships with about eight banks. In those countries, according to Fernández, just 30% of people are fully banked, with access to loans.
  • His goal for the accelerator: To incorporate AI into the platform, thereby allowing for a more-tailored experience for each user. According to Fernández, while his user base has been growing at a rate of 42% month over month, that increase has come with more complexity. ‘It means there are many more people from different economic backgrounds and lots of other situations,’ he says. ‘We can’t statically program for all these situations and that’s where AI comes in.’”

The Future of Banking To Be Driven by Artificial Intelligence; New Report States

“The ‘Bank of the Future’ whitepaper, published by Mambu and Google Cloud, identifies ‘ubiquitous banking’ as the next frontier in the digital financial revolution, and reveals three building blocks that will enable the future of banking:

1) Customer-centric strategy – products and services built around the customer for the customer, embedding AI technology to hyper-personalise the user experience

2) Value-based AI use cases – applications anchored on business value (revenue growth, cost saving or risk reduction) and customer value (customer experience or time to market)

3) Composable technology architecture – flexible, cloud-based core banking software that enables true “plug and play” functionality to respond to changing customer needs, market dynamics or technology trends”

The Future of Banking To Be Driven by Artificial Intelligence; New Report States