What comes to mind when you hear Artificial Intelligence? Perhaps one of those slick videos of robots making an omelette or an android (a humanoid robot – as it used to mean before the operating system came about). In reality, Artificial Intelligence (AI) has crept into a lot of things we don’t typically see – from contextual advertisements on the web, to customer support systems.
As banking goes digital, AI has begun to play an interesting role in the evolution of the digital bank. From intelligent automation systems that simplify payments reconciliation, general ledger management and OCR enabled document validation to First-Responder roles in customer support, AI has taken bold steps forward. Another extremely important trend in banking – one where market segments are of one customer has relied on AI to delivery hyper-personalized experiences based on customer profile, buying behavior and choice of products and services. In a day and age where customers demand simplicity, speed, and superlative experiences, Artificial Intelligence has come of age, so to speak.
This said, AI gets a resounding aye, when it comes to thrust areas for banks today, and come 2020. As AI maturity increases, banks have discovered newer and significantly more efficient means to reduce costs, improve regulatory compliance, and most importantly, consistently improve customer confidence in the bank’s ability to serve their needs, secure their information, and simplify their transactions with banks.
With use cases showing tremendous promise already, the trend for 2020 and beyond will pivot around AI, machine learning and deep learning platforms. These new entrants are poised to take customer experience management, Identity verification, fraud prevention and security by storm.
How will banks develop on the existing use cases and innovate their digital offerings with AI at the core? Learn about this and all the trends for banks to scale digital from our report.
This piece gives you a glimpse into one of the 10 trends that I believe will reshape banking in 2020. Click here to read our full report “Scale Digital: 10 Trends Reshaping Banking in 2020”.