Contextual banking is here, and AI is enabling it

  • “It’s estimated 330 million new accounts will be opened via online banking channels exclusively by 2025, almost double the 184 million opened that way in 2020. Using AI in conjunction with biometric verification or other self-service tools removes friction and improves efficiency, and could save financial institutions almost half a billion dollars. By 2030, banks will have 2.5 billion new customers, 94% of whom will never have been to a branch.
  • JPMorgan Chase, meanwhile, uses its own ML-powered system called “Coin” (contract intelligence) to automate mundane and previously time-consuming tasks, and to process credit agreements in seconds rather than minutes, while also correlating the number of loan-service mistakes.
  • In the banking sector, up to 90% of customer interactions can be automated using chatbots, improving productivity while cutting costs significantly and freeing up support staff to work on more complex problems.”

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