Increasing demand for solutions to simplify banking operations is driving the AI in Banking Market

  • “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.
  • In terms of market share, the deep learning & machine learning segment is expected to lead among the other technology segments in the global AI in the banking market during the forecast period due to growing adoption of deep learning & machine learning approach for risk assessment in banks.
  • Increasing need to optimize customer engagement by introducing AI-driven virtual assistance and provide 24/7 customer services and answer customer queries and grievances is expected to contribute to revenue growth of the customer service segment in the global AI in the banking market during the forecast period.
  • Due to growing need to offer improved customer service in the banking industry, the Chatbot segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period.
  • Factors such as growing emphasis of banks in countries in North America on enhancing banking operations with the use of advanced technologies are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.”

https://www.einnews.com/amp/pr_news/571034912/increasing-demand-for-solutions-to-simplify-banking-operations-is-driving-the-ai-in-banking-market

Why Consumers Aren’t Banking Like It’s Still 2019

  • “Doug Brown, president of digital banking at NCR, told Karen Webster in an interview that banking in the branch is not what it was — but what it will be will borrow liberally from the great digital shift.
  • And in revamping in-person banking, he told Webster, smart automation can improve the experience for credit unions’ consumers. Machine learning and artificial intelligence can boost revenues and reduce costs.
  • About 15% of the population, he said, came into the proverbial fold and embraced digital banking — and they haven’t gone away.
  • Combining Video, Audio and Virtual Assistants. The combination of visual and audio, AI and algorithms, said Brown, mean that banking is getting smarter. And high tech, he said, can improve trust and confidence amid “surge activity,” such as during periods of high economic stress or when, for example, a customer has forgotten a password or has been the victim of fraud.”

https://www.pymnts.com/digital-first-banking/2022/why-consumers-arent-banking-like-its-still-2019/amp/

AI Can Help Banks Provide Better Service to Credit & Debit Cardholders

  • “Consumers have increased expectations for detailed and timely insights about their card transactions. What they too often see instead is a confusing mix of abbreviated, often misleading, data. Not only is the experience poor, but it leads to many service calls. The solution lies in better use of real-time transaction data and artificial intelligence.
  • Debit and credit card users are, quite rightly, keenly interested in their spending. Providing them with detailed transaction insights and enriched information they can instantly access via an online or mobile banking app will satisfy their need to fully see their spending, make it easier for them to understand their purchasing patterns and help them make timely and informed spending decisions.”

https://thefinancialbrand.com/139844/ai-can-help-banks-provide-better-service-to-credit-debit-cardholders/

AI in Banking: Beyond the Bots

– “80% of financial institutions are “highly aware” of the benefits of AI and machine learning.

– 75% of banks with more than $100 billion in assets are currently implementing AI.

– 46% of FIs with less than $100 billion in assets are currently implementing AI.

– By 2023, FIs are projected to save $447 billion by using AI, the majority of that being derived from customer-facing apps like chatbots, and back-office uses like anti-fraud and risk applications.

81% of IT executives in banking agree that ‘unlocking value from AI will distinguish winners from losers.’

– 85% have a clear strategy for adopting AI in the development of new products and services

– 78% say that using AI will help them achieve their business goals and priorities, with 46% of those saying ‘to a great extent.’”

https://www.globalbankingandfinance.com/ai-in-banking-beyond-the-bots/amp/

Five Findings From FinovateEurope 2022

  • “Embedded finance is the buzzword of 2022, but unfortunately it’s still understood too narrowly, focusing on the not-so-innovative expansion of distribution channels. And embedding financial products into customer journeys isn’t easy, a challenge that mmob — another “Best of Show” winner — tries to solve with its partnership platform. But there’s a bigger opportunity around bank-as-a-service solutions (as Crassula demoed)
  • Embedded finance is just one of the many open finance use cases that, if done well, should offer customers more choice, relevant products at the point of need, automated and invisible services, and more control of data for better financial outcomes. It also needs more fintech innovation in the areas of digital identity, data aggregation and analytics, and actual value-added services built on top of those”

https://www.forrester.com/blogs/five-findings-from-finovateeurope-2022/