Artificial Intelligence Transforming the Banking Sector

In a recent study it was found that the Artificial Intelligence could be a near $450 billion dollar opportunity for banks. What does this mean? It gave a clear picture of the transformation and adoption of latest digtial tools that the banking sector needs to be familiar with. As we all know that the banks have millions of data spread across disparate sources which makes difficult for them to understand and analyze. This is perphas the most challenging task for the marketers in such industry. 

AI in banking was an unheard term in the past decade. But as the usage of Artificial Intelligence became more and more popular in other industries, its ratification in banking was quite inevitable. According to a recent study by IDC, by 2022, $5.6B is expected to be spent on AI-enabled solutions in the banking industry. 

AI has had a significant impact on every industry that has implemented it. AI in banking is one of them. The influence of AI in banking is steadily growing across the whole banking landscape. Here’s how AI will transform banking in 2020:

1. Fraud Detection and Risk Management

2. Credit Risk Assessment, Pricing, and Underwriting

3. AI Chatbots

4. Customer Engagement