“A full 90 percent of consumers said their top online activity was personal banking, according to the latest edition of PYMNTS’ Digital Banking Tracker — and 60 percent reported regularly using at least one financial services app. The same thing, Priestley noted, can be said of applying AI and machine learning to anti-money laundering (AML) and…
Tag: Financial Services
AI & ML Are Key To Hypersonalisation In The Banking Sector
“According to a 2018 study by Analytics India Magazine, 38% of total analytics revenue in India ($1 billion, approximately) comes from banking and finance at a 31% growth over 2017. For the study, which compiled the responses of top banking executives from North America, 66% of the respondents believe the ability to offer more highly…
Data Analytics Performance Gap Ruins CX in Banking
“Artificial intelligence and real-time data analytics provide enormous potential for financial marketers to improve customer intelligence, enhance back-office operations, and deliver improved customer experiences. Unfortunately, most banks and credit unions have not yet embarked on this critical journey. In fact, the level of stated importance of using AI…were all either extremely or very important for…
Seizing change in seas of change: a 2019 compass for AI in banking
“Despite their heroic work to date, financial services firms will face the same competitive and regulatory challenges in 2019 as in the past years. Navigating around the three-headed beast—competitive disruption from other established firms, fintechs and new digital-only banks—represents another big issue. Thus the overarching mission for at least the next year involves digital transformation….
Retail and Banking Lead in Global AI Spending, According to Report
“The retail category as a whole will spend $5.9 billion this year on tools like automated customer service agents and product recommendation generators, while the banking sector is set to put $5.6 billion toward more security-oriented AI uses like fraud prevention and threat intelligence, according to the report. Total spending from businesses on AI is…