How AI is changing banking

Image credit: Deutsche Bank

“The principle sounds simple: if you know your customers well, you can make suggestions that best suit them. This wisdom, which has always applied in the analogue world, is becoming increasingly important in the digital world. It could also become more important when advising on investments in the future.

For example, algorithms can help bank advisors find funds, bonds or shares that suit customers. ‘Anyone who has ever shopped on an online marketplace is familiar with such product suggestions,’ says Max Mindt, who is driving the ‘Next best offer’ project for Deutsche Bank. ‘It’s just much more difficult to implement in investment because it’s much more regulated.’”

One-third of all bank jobs are now tech-related

  • “Robert Walters predicts that online banking penetration in the UK will hit 90% by the end of 2020, driven by a combination of a Covid-19 legacy, a strong fintech sector and investments by banks in digital technology.
  • Deutsche Bank CEO Christian Sewing told investors recently: ‘Technology is more important than ever – a fact that the coronavirus crisis is serving to highlight very well. Digital business models are the big winners, and this trend won’t suddenly reverse once the pandemic subsides.’”