How AI and Big Data will Transform Banking in 2019
Metro Bank is already doing that with Insights, an in-app money management tool that gives customers complete control of their finances. It alerts customers when there’s not enough money to cover a likely spend, recommends a top up before an automated payment is due, flags if a customer has accidentally been charged twice and alerts the customer when there has been any kind of unusual activity.
Metro Bank has gone live with Insights, an in-app money management tool, which uses artificial intelligence (AI) to generate bespoke tips and alerts.
The feature was developed with Personetics, a developer of an opt-in tool for predictive analytics of users’ spending patterns.
As well as alerts that anticipate customers’ spending, users will be able to see a breakdown of where their money goes each month, delve into individual spending categories, and receive bespoke tips about how to manage their finances, based on their specific circumstances.
If you work for a results oriented company, the topic of ROI will be central to your pitch for funding/capital. In this post Daniel from emerj.com does a really nice job offering suggestions to get your project started. Here are a couple snippets. A link to the full post at the bottom.
“If you’re a banking executive and all you do is read banking press releases before you spend money with AI vendors, you are inevitably going to be investing in the wrong places. It makes sense to get a deep understanding of where a return on investment is being garnered with AI in your sector.
They’re re-imagining their business in the era of Amazon, and recommendations is a very big priority for them. If that’s the case, it’s worth understanding which facets of recommendations within the world of eCommerce and brick-and-mortar retail are actually garnering a return.
So when we’re looking for an ROI as a business, we might want to look for a technology we’re already shopping for that might be served via an artificial intelligence vendor in a way that is going to be relatively easy in terms of integration.”
“Emirates NBD has launched the WhatsApp Business Solution to offer customised mobile banking services to its customers, claiming to be a first in the region.
The implementation, carried out in partnership with Infobip, allows customers to interact with the bank through the chat for functions such as checking account balances, the last five transactions of account or credit cards, or the last credit card mini statement, temporarily blocking or unblocking cards, new cheque book requests and checking foreign exchange rates.”
“The number of individual regulatory changes banks must track on a global scale has more than tripled since 2011, while banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions (from 2007 until 2016).1 As regulatory compliance becomes increasingly burdensome and costly to manage, every financial organization is feeling immense pressure to update resource-intensive manual compliance programs. Organizations need technology-driven solutions that leverage automation and can be easily integrated into existing processes and software.
Compliance.ai, a modern regulatory change management platform for financial services companies, has developed a strategic partnership with LogicManager, the leading enterprise risk management (ERM) software provider. With this partnership, LogicManager adds Compliance.ai’s comprehensive, customized and financially-focused regulatory content to its integrations library within their platform. This partnership will empower compliance teams to proactively manage regulatory changes.”