“According to a study conducted by CMR and NASSCOM, 74% top Indian IT decision makers support the need for artificial intelligence in the BFSI sector. Further, emphasizing on technological advancement such as Chatbot enables banking solutions and process automation expected to drive the AI in the banking market.”
“Many commentators predicted that 2020 would be the “year of the fintech” as truly digital banks began to redefine the customer experience. But, since the onset of the pandemic, leading challenger banks have seen a significant drop in app downloads. In the UK, Monzo, Revolut and Starling saw app downloads decline 18% -36% in March. Although incumbent banks still face challenges, it seems likely that customers are keeping their money where they feel it is safest – with traditional banks, which have built customer trust over many years.”
- “The era of digital banking is well underway in the Asia Pacific (APAC) region, and is set to accelerate in the next five years, with 63% of customers willing to switch to neobanks and challenger banks between now and 2025.
- The research was made through review of 55 banks, 20 challenger banks and 40 fintech disrupters in markets throughout APAC.
- Research from the study also suggests that the success of future banks will depend largely on customer experience (CX), unlocking personalisation at scale, and embracing emerging technology – especially artificial intelligence (AI).”
“Google’s Banking Forays
Four recent stories regarding Google signal that it, too, is following a similar path and is on its way to becoming the next big fintech vendor:
- Google checking account.
- Google debit card
- Google AI tool for Paycheck Protection Program loan processing
- Google Cloud bank deal
With all the talk in the industry that Big Tech firms like Amazon and Google are going to “cut out the banks,” why would a bank hire Google as a technology vendor? Two reasons:
- Consumer prowess
- Technology and analytics expertise“
“If less than 1% of money launderers were caught before this crisis, imagine how pervasive financial crime will be after it.
The risk of fraud almost always increases during times of large-scale emergency spending. By one government estimate, 16% of the $6.3 billion in relief distributed to victims of Hurricane Katrina and Hurrican Rita was spent improperly.
New AI and ML technology can screen a population’s entire online and public presence in a matter of seconds, identifying false narratives that signal a need for further investigation. For example, if someone claims to run a 20-person company but has a web presence indicating a one-person company, that’s a red flag.“