“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…
Tag: ai Banking
Enough With The ‘AI-First’ Hype!
“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: Convenience drives consumers’ choices of channels and devices. Bank customers aren’t AI-first. It’s the process—not the device—that matters. The product still matters.”…
We have to lead AI debate, says Big 6 bank
“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…
How Banks and Credit Unions Can Grow Deposits with AI
“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/
AI becoming part of DNA at TD
“It began using Kasisto’s conversational AI platform to communicate with customers in 2017 and a year later bought AI technology startup Layer 6. It also started working with Flybits to use AI to personalize its mobile banking offering.” https://www.americanbanker.com/news/ai-becoming-part-of-td-banks-dna