The Promise of AI in Banking
Artificial intelligence (AI) represents a strategic opportunity for banks. The potential benefits extend well beyond mere efficiency improvements to step up the customized value proposition banks deliver to their clients. For the last five years, AI-driven solutions have focused mainly on buzzword applications like chatbots and robo-advisors. However, in the latest evolution of AI applications, many banks are realizing the strategic relevance of embedding AI technologies into various units of their business systems. The benefits range from building efficiencies and saving costs in areas like fraud detection, improved risk management and optimized anti-money laundering to enhancing the client investment experience (and financial health) through the deployment of personal finance management (PFM) solutions that help clients better manage budgets and wealth.
Looking ahead, to capture the opportunity around the integration of AI technologies, banks are well-advised to first determine the use cases best suited to their respective needs. This report attempts to provide a useful overview of such use cases in a way that will hopefully both drive a discussion and help some institutions develop a clear, holistic strategy around the integration of new technologies.
We hope you enjoy reading the report.