AI Can Help Banks Provide Better Service to Credit & Debit Cardholders

  • “Consumers have increased expectations for detailed and timely insights about their card transactions. What they too often see instead is a confusing mix of abbreviated, often misleading, data. Not only is the experience poor, but it leads to many service calls. The solution lies in better use of real-time transaction data and artificial intelligence.
  • Debit and credit card users are, quite rightly, keenly interested in their spending. Providing them with detailed transaction insights and enriched information they can instantly access via an online or mobile banking app will satisfy their need to fully see their spending, make it easier for them to understand their purchasing patterns and help them make timely and informed spending decisions.”

https://thefinancialbrand.com/139844/ai-can-help-banks-provide-better-service-to-credit-debit-cardholders/

Mark Cuban predicts AI will dominate the future workplace: To be successful, ‘you’re going to have to understand it’

  • “Whether you’re an entry-level employee or a CEO, you probably need to understand the internet and mobile technology to succeed. Next on that list, says Mark Cuban: artificial intelligence.
  • artificial intelligence is already beginning to take over the business world. Soon, it’ll become as essential to businesses as personal laptops and smartphones, he said.
  • ‘There’s two types of companies: those who are great at AI and everybody else,” Cuban said. “And you don’t necessarily have to be great at AI to start a company, but at some point, you’re going to have to understand it. It’s just like the early days of PCs.’
  • Last year, Cuban noted on Twitter that five of the world’s largest companies – Alphabet, Apple, Amazon, Facebook and Microsoft – all similarly prioritized AI.
  • ‘The brilliance of TikTok – it’s all artificial intelligence,’ Cuban said. ‘[It] uses AI to present the things you’re interested in.’”

https://www.cnbc.com/amp/2022/05/12/why-mark-cuban-predicts-ai-will-dominate-the-future-workplace.html

AI in Banking: Beyond the Bots

– “80% of financial institutions are “highly aware” of the benefits of AI and machine learning.

– 75% of banks with more than $100 billion in assets are currently implementing AI.

– 46% of FIs with less than $100 billion in assets are currently implementing AI.

– By 2023, FIs are projected to save $447 billion by using AI, the majority of that being derived from customer-facing apps like chatbots, and back-office uses like anti-fraud and risk applications.

81% of IT executives in banking agree that ‘unlocking value from AI will distinguish winners from losers.’

– 85% have a clear strategy for adopting AI in the development of new products and services

– 78% say that using AI will help them achieve their business goals and priorities, with 46% of those saying ‘to a great extent.’”

https://www.globalbankingandfinance.com/ai-in-banking-beyond-the-bots/amp/

Business Leaders: Do You Have a Digital Mindset?

  • “Leonardi and Neeley believe achieving a digital mindset requires a level of comfort with analytics. They stress data is not a natural substance. They say it is a misnomer to say data are collected. It is more accurate to say that data are produced.
  • Leonardi and Neeley suggest that having digital mindset means you are data literate and comprehend the risks from the processes used to produce data. Even automated data is not free from error or consequence.
  • To be clear, the issue isn’t having data; it is interpreting data and drawing conclusions from data. To do this, statistics represents the best means for analyzing the underlying data patterns. More specifically, it allows digital workers to draw conclusions about a population from a sample dataset.
  • The speed and scale of change in the digital era makes experimentation a requirement. Leonardi and Neeley say rapid prototyping and data analysis improve internal work processes, products and services. Central to making this work is establishing a culture that embraces experimentation.
  • For this reason, Leonardi and Neeley stress digital transformation isn’t a goal you achieve. It is a means to achieving changing business goals. To succeed, organizations must integrate data silos. MIT-CISRs research finds that 51% of organizations still have their data locked away in silos.
  • Without question, no business will be unaffected by digital transformation and every form of work will be changed. To succeed, organizations need technical resources, but it is just as important to transform the mindsets of business leaders.”

https://www.cmswire.com/leadership/business-leaders-do-you-have-a-digital-mindset/amp/

Five Findings From FinovateEurope 2022

  • “Embedded finance is the buzzword of 2022, but unfortunately it’s still understood too narrowly, focusing on the not-so-innovative expansion of distribution channels. And embedding financial products into customer journeys isn’t easy, a challenge that mmob — another “Best of Show” winner — tries to solve with its partnership platform. But there’s a bigger opportunity around bank-as-a-service solutions (as Crassula demoed)
  • Embedded finance is just one of the many open finance use cases that, if done well, should offer customers more choice, relevant products at the point of need, automated and invisible services, and more control of data for better financial outcomes. It also needs more fintech innovation in the areas of digital identity, data aggregation and analytics, and actual value-added services built on top of those”

https://www.forrester.com/blogs/five-findings-from-finovateeurope-2022/