Tag: ai Banking

Verizon 5G Ultra Wideband and the future of finance

~ Brandon McGee ~ Leave a comment

  • “According to some estimates, global fintech investment reached $27.4 billion in 2017, with the value of deals in the U.S. rising 31% from the previous year.
  • According to a 2018 survey by a major financial institution, apps for mobile banking are among the top three used by Americans.
  • For the nearly 50% of the planet estimated to be unbanked or underbanked, institutions may be able to use 5G to set up secure micro branches”

https://www.verizon.com/about/news/verizon-5g-ultra-wideband-and-future-finance

Enough With The ‘AI-First’ Hype!

~ Brandon McGee ~ Leave a comment

“Calls for banks to be mobile-first, mobile-only, voice-first, AI-first–or any ‘technology-first’—are misguided. They represent a channel-, technology-, or device-centric view that is at the root of banks’ strategic problems. [Fill-in-the-blank]-first thinking is misguided because:

  1. Convenience drives consumers’ choices of channels and devices.
  1. Bank customers aren’t AI-first.
  1. It’s the process—not the device—that matters.
  2. The product still matters.”

https://www.google.com/amp/s/www.forbes.com/sites/ronshevlin/2019/09/09/enough-with-the-ai-first-hype/amp/

Image Credit: 5G and AI technology, Global communication network concept. GETTY

Ron Shevlin

http://linkedin.com/in/ronshevlin

We have to lead AI debate, says Big 6 bank

~ Brandon McGee ~ Leave a comment

  • “When it comes to banking, they put forward three specific areas of sensitivity.
      • The first was explainability – how leaders should approach the limitations of technology as it relates to explaining how AI arrives at conclusions.
      The second was the threat of bias and re-examining the concepts of transparency, fairness and accountability in an AI-first world
      The final concern focusing on diversity, from AI adoption to the executive leadership to the teams building AI models to the data used to inform decisions.

    “In the banking sector, I think we’re going to go through the same shift, where it’s important for banks to recognize the power of AI. They need to take the responsibility of careful deployment of AI seriously and to lead the conversation.”

    https://m.wealthprofessional.ca/news/we-have-to-lead-ai-debate-says-big-6-bank-304035.aspx

    How Banks and Credit Unions Can Grow Deposits with AI

    ~ Brandon McGee ~ Leave a comment

    “The average new-account attrition rate after six to 12 months is 28%, he says, and can be as high as 35%. Further, 65% of acquired deposit customers turn out to be single-service households, on average. “All these things can be attacked with a good strategic plan supported by analytics and artificial intelligence,” Henkel states.”

    https://thefinancialbrand.com/88016/bank-credit-union-marketers-deposits-ai/