New-gen banking: A bank built for the millennial must function as their financial wellbeing manager

  • “This year alone, millennials will constitute 35% of the global workforce. Within a decade, their aggregate income will surpass $4 trillion.
  • By 2030, MZ (Millennials and Gen Z) in the US will witness a five-fold increase in their wealth as they are set to inherit $68 trillion from their Baby Boomer parents
  • A major bank in Australia that redesigned a credit card to appeal to millennials specifically discovered that usage volumes grew by 70% and new-accounts by 40%.”

https://www.google.com/amp/s/www.financialexpress.com/industry/banking-finance/new-gen-banking-a-bank-built-for-the-millennial-must-function-as-their-financial-wellbeing-manager/2097739/lite/

What’s New In Gartner’s Hype Cycle For AI, 2020

  • “47% of artificial intelligence (AI) investments were unchanged since the start of the pandemic and 30% of organizations plan to increase their AI investments, according to a recent Gartner poll.
  • 30% of CEOs own AI initiatives in their organizations and regularly redefine resources, reporting structures and systems to ensure success.
  • Chatbots are projected to see over a 100% increase in their adoption rates in the next two to five years and are the leading AI use cases in enterprises today.”

https://www.google.com/amp/s/www.forbes.com/sites/louiscolumbus/2020/10/04/whats-new-in-gartners-hype-cycle-for-ai-2020/amp/

ARTIFICIAL INTELLIGENCE SOLUTIONS FOR BANKING

Churn prediction

“Because of accurate AI algorithms, churn probability predictions improve customer retention. This is crucial as customers frequently stir without obvious warning signs. Therefore, it is challenging to run mainly targeted anti-churn campaigns. On the other side, retention activities can be costly, sometimes much more so than the value a potential customer may bring.”

Artificial Intelligence Solutions for Banking