Experts Predict: 3 Major Changes That Will Happen to Banking in the Next Five Years

“‘One trend that we are already starting to see is the increased use of artificial intelligence and machine learning in banking,’ said Fluent in Finance founder Andrew Lokenauth, an investing and banking professional. ‘These technologies are being used to enhance customer service, improve risk management and streamline internal operations.’
‘With the rise of neobanks, combined with an increasing number of customers willing to handle their personal finances remotely as a result of the pandemic, brick-and-mortar banking is experiencing disruption, and the traditional bank teller and ATM experience is no longer enough,’ said MLCU president Carma Peters.
It’s not that AI will replace humans in the banking industry. Instead, it will free them up to focus on their human customers.
‘Currently, banks are holding onto the outdated idea that they need to be a one-stop shop for all things finance. In the meantime, different fintechs offering highly granular services are snatching customers away from banks and providing them with the exact same services, only faster and without strings attached.’”