“The bank account of the future is upon us. In fact, many could argue, it is already here. We have already started to see the introduction of artificial intelligence into our banking systems. Micro-investment platform Raiz, where users can invest their spare change, is a great example of using data analysis to provide useful insights to customers about their finances.”
Tag: ai Banking
Five Application Scenarios of AI in Banking
- “Thanks to AI, banks generate 66% more revenue from mobile banking users than when customers visit branches.
- Companies that estimated their profit from Big Data analysis have reported an average increase in revenue by 8% and a reduction in costs by 10%.
- ABI Research estimates that spending on AI and cybersecurity analytics will amount to $96 billion by the end of 2021.
- According to an OpenText survey, 80% of banks recognize the benefits of AI, 75% of them already make use of this technology, and 46% plan to implement AI-based systems in the near future.”
https://www.finextra.com/blogposting/20158/five-application-scenarios-of-ai-in-banking
Why everyone in the Financial Services Industry should be a change agent
- “Emerging markets in Asia, in particular, have recently seen a spike of 60% increase in contactless payments, with an eightfold growth in paperless B2B payment flows.
- McKinsey says this physical-to-digital shift is set to accelerate even more this year. And FSI organizations need to ride the wave, or risk being left behind.
- Fundamentally, I see four areas of change that FSI firms need to embrace: technology, data, customer centricity supported by processes, as well as people and culture to drive systemic innovation.
- According to Deloitte, technical debt in the form of legacy infrastructure and data fragmentation across the enterprise continues to impede banks’ digital transformation initiatives. In response, finance leaders expect to increase cloud investments, with more than half saying that their firms will increase spending on data analytics.”
Preparing Your Credit Union for Unforeseen Events
- “Back in February, areas around the country were severely impacted by inclement weather. In Texas alone, 3.5 million people went without power for several hours in freezing temperatures. With frequent power and internet outages and most people still working from home, credit unions across the U.S. struggled to operate and meet their members’ needs.
- AI is being used by credit unions to streamline and optimize call centers. Whether it is to instantly respond to calls from members, create more self-service options or free up the bandwidth of call center staff to support members in need, AI can be utilized by credit unions to better meet the needs of members.
- With AI solutions hosted on the cloud, credit unions can offer uninterrupted services to members, enabling members to get their issues addressed even during the most vicious storms.”
8 Ways Digital Banking Will Evolve Over the Next 5 Years
- “The banking and fintech industries compressed roughly a decade of ecommerce innovation into a 10-month span.
- Advancements that were estimated to be years out may now emerge as the “new normal” within months. The future of banking will not only look different in regard to more rapid digital adoption, but also in terms of service offerings, who offers them and the relationships institutions have with one another and their customers.
- 6) Micro-Personalization. Big data and AI-driven analytics bring about a new paradigm in financial services, one in which the bank will treat every customer as if they are its single greatest priority. Instantaneous borrowing, proactive product suggestions, detailed guidance on purchases, budgetary recommendations based on factors like real-time location, spending profile and much more are poised to be the new standard for financial institutions’ approach to customer personalization.”
https://www.google.com/amp/s/www.entrepreneur.com/amphtml/367918