The Bank of the Future Will Have Data Vaults and Money Vaults

    • “‘Using AI and machine learning, there is the potential to build a ‘data marketplace’ for banks, fintechs and other data providers to partner and build more services together.”
    • Banking institutions are in a perfect position to play this role if they innovate right. They can be the perfect data vaults for managing the privacy and also the data of their customers
    • To achieve this vision, banking will need to understand the value and importance of data in achieving such transformation.”

    Flybits –

    Latin American banks daring to innovate with AI

    “BNamericas: Where could artificial intelligence be used in the coming years?

    Gimeno: The segment that leads innovation within the banking sector is payments, and their integration with APIs and the adoption of open banking. The value chain will be automated, and banks can interact in real time within digital commerce. The aggregation that open banking brings will generate new digital financial services, or rather, the same banking services as always but digitized and in real time, such as factoring, applying AI to be able to anticipate cash flows and offer financial services within the digital value chain.”

    The Future of AI: Applications for banking business transformation

    “Finextra’s The Future of Artificial Intelligence 2019 report will explore how the financial services industry can leverage tried and tested experiments of AI in other industries to transform how transaction services can be reshaped.

    The report looks at how machine learning, deep learning and robotics could benefit banks and could improve customer experience and security, aligning decision-making factors with ethics to improve how a financial institution operates.”

    “How Artificial Intelligence Is Bringing Positive Changes In The Banking Industry?”

    “Predicting future outcomes: With the help of AI, Banks get the power to predict the future situations by analysis of the past behaviours. It plays a significant role in the identification of frauds, detecting anti-money laundering pattern and making customer recommendations. By the use of powerful Machine Learning and cognition, AI can identify the hidden actions which can save millions for banks. The key recommendation system of AI can study past behaviour to predict the future behaviour of data points that will help in successful up-sell”