How consumers will see banks embrace AI in 2022

“The challenger banks have shown it’s possible to furnish their accounts with AI to categorise and break down a customer’s spending. This doesn’t just save customers a lot of time they would have spent budgeting or balancing their checkbooks, but it can also draw on the bank’s own insights to help in delivering real-time analysis that goes above a traditional budgeting exercise.
To work, though, these powerful ML capabilities have to be presented to customers in an intuitive way that allows them to quickly comprehend purpose, relevance, and how to take action. Clever analytics capabilities don’t really mean much if their results aren’t comprehensible to users – which means that nailing the interface and interaction design for personalised analytics may be almost as critical a task as developing and deploying the underlying models that will power them.”