Artificial intelligence (AI) has reached the stage where it is sufficiently advanced and affordable to warrant practical implementation in financial services. Banks are busy exploring ways in which they can harness the power of AI to streamline internal processes and improve the customer experience. This report will explore what AI applications are relevant in banking at this time, examine where AI is already making an impact, and offer recommendations on how banks should proceed.
The report offers insight into -
- The particular manifestations of AI that have the most relevance for banking.
- How leading banks are already implanting AI-based solutions.
- The factors banks need to address when introducing AI applications.
- AI encompasses a wide range of technologies, including robotic process automation, natural language processing, advanced data analytics, and image analytics. Use of these technologies will help banks improve both front-office and back-office processes.
- Customer-facing uses of AI include chatbots that improve communication between banks and their customers, advanced analytics that can offer proactive advice to consumers and take simple financial decisions on their behalf, and facial recognition that improves onboarding and makes it easier for consumers to log into their accounts.
- Back-office AI implementations include algorithms that can identify and block cases of fraud and money laundering, and analysis of non-traditional data to assess the creditworthiness of borrowers who lack standard credit records.
Reasons to buy
- Discover where AI will have the most impact upon the delivery of banking services.
- Learn how your competitors are already using AI to improve customer outcomes and profitability.
- Understand what issues you must resolve in order to successfully launch AI-based services.
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