The Future of AI: Applications for banking business transformation

The Future of AI: Applications for banking business transformation

While artificial intelligence has established itself as a disruptive technology for decades, AI is at the peak of the hype cycle now and banks have started to apply this technology to transform traditional models of businesses.

However, being a multi-faceted technology, financial institutions must decipher whether it is machine learning, robotics, deep learning, business intelligence, natural language processing or algorithms that are the most beneficial.

While some banks launch chatbot applications and virtual assistants, others do not have the talent within the business to deploy innovative products that are personalised for their customers, and an even smaller number do not understand the value of AI.

This may be because of lack of experience using the technology which also results in problems in how to identity unusual trends, prevent fraud and avoid bias on an ethical level.

Finextra’s The Future of Artificial Intelligence 2019 report will explore how the financial services industry can leverage tried and tested experiments of AI in other industries to transform how transaction services can be reshaped.

The report looks at how machine learning, deep learning and robotics could benefit banks and could improve customer experience and security, aligning decision-making factors with ethics to improve how a financial institution operates.

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