“PYMNTS queried 22 payments executives to get a sense of what’s real, what’s in the here and now, and what lies ahead. We also asked for concrete examples of how their own firms — spanning payments processing, digital IDs and other functions — are leveraging AI right now, such as in core processing and risk scoring.”
“In customer experience terms, AI and machine learning can help marketers in retail banking to predict client needs and deepen relationships. They can do this through more personalizing their approaches, fine-tuning campaigns for maximum effectiveness, targeting consumer segments that represent the best acquisition prospects, and identifying attrition risks and causes.”
“What enterprises really need as they develop their AI strategy is to integrate, clean, link, and supplement their data so they have an accurate foundation on which to build and train their machine learning algorithms.
“Data-related challenges are a top reason (our) clients have halted or canceled artificial-intelligence projects,” said IBM’s senior vice president of cloud and cognitive software, Arvind Krishna,
80% of AI project time is currently spent on data preparation.“
“’What Explain Data does is it moves users from understanding what happened to why it might have happened by automatically uncovering and explaining what’s going on in your data. So what we’ve done is we’ve embedded a sophisticated statistical engine in Tableau, that when launched automatically analyzes all the data on behalf of the user, and brings up possible explanations of the most relevant factors that are driving a particular data point,’ Tableau chief product officer, Francois Ajenstat explained.”
“‘Most AI use cases center around automating mundane tasks with robotic process automation, fraud mitigation, natural language processing and complementing business intelligence,’ Ram Ridgeway, VP of digital experience at Advia Credit Union, told ATM Marketplace.
Ridgeway, who will speak on the panel “Real Value or Real Hype: AI, Machine Learning and the Future of Customer Data” at the annual Bank Customer Experience Summit in Chicago, Sept. 23-25, disagrees that the technology is over hyped.”