How To Instill A Digital Mindset At Financial Services Firms

  • “Digital transformation has cemented its place as one of the dominant business trends of recent years, with analysts predicting the sector will grow to an impressive $1.8 trillion by 2028.
  • Change inevitably brings friction, but the benefits organizations can realize with a digital mindset are changing from nice-to-have to must-have. The digital mindset is about accommodating rapid change and adopting new ways of working.
  • Adopting a digital mindset can seem risky, and there’s no point in pretending it isn’t. However, the reality is that the riskiest decision of them all is refusing to adapt. The digital mindset isn’t a luxury, but a clear and growing demand of our current generation of consumers.”

The Strategy Behind Truist’s New AI-Powered Digital Assistant

  • “Launching a digital assistant enabled by artificial intelligence is noteworthy by itself. More significant: ‘Truist Assist,’ built from a clean slate in a year’s time, and tightly integrated with the bank’s contact center, signals the giant merger of equals that created Truist Financial is (finally) starting to click.
  • Some digital assistants in banking have ‘personas,’ the best known of which is Bank of America’s ‘Erica.’ Capital One has ‘Eno’ and RBC has ‘Nomi.’ Based on customer feedback, Truist opted to go with the more functional ‘Truist Assist,’ following the example of Ally Assist, Smart Assistant (U.S. Bank), and Chase Digital Assistant.”

Artificial intelligence (AI) in Banking Market to Witness Robust Growth by 2027 at a CAGR of 42.9%

  • “The global artificial intelligence (AI) in Banking market is expected to reach a market size of USD 130.00 Billion by 2027 and register a high revenue CAGR, according to latest analysis by Emergen Research
  • Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.”

Introducing the future of digital identity

  • “Incode allows financial institutions to effectively capture customer data from their ID, verify identity documents, authenticate facial biometrics and identify any potential security risks up to 5 times faster than traditional onboarding processes.
  • ‘Instead of going to the bank and going through the long process of proving who you are, it’s going to be a 30-second experience,’ says Amper. ‘You go through onboarding once, authenticate with a selfie and provide consent, you’re going to be able to open a bank account in 30 seconds.’
  • So far, Incode has achieved a 40 per cent increase in conversion rates and a 20 per cent improvement in registration abandonment.”

Worldwide Spending on AI-Centric Systems Will Pass $300 Billion by 2026, According to IDC

  • “Banking and Retail are the two industries that will deliver the largest AI investments over the forecast period. Together, the two industries will account for roughly one quarter of all AI spending worldwide.
  • Among the 30 AI use cases identified by IDC, Augmented Customer Service Agents will see the most spending throughout the forecast, reaching $35.9 billion on 2026.
  • A new forecast from the International Data Corporation (IDC) Worldwide Artificial Intelligence Spending Guide shows that global spending on artificial intelligence (AI), including software, hardware, and services for AI-centric systems*, will reach nearly $118 billion in 2022 and surpass $300 billion in 2026.”