How is AI used in banking?

Harry Hodges

by: Harry Hodges

Artificial intelligence (AI) is a hot topic in multiple industries. But why, and how, is artificial intelligence used in banking? Regardless of whether financial institutions want to improve customer service, bolster personalization efforts, or optimize processes, AI-powered technology is something to consider. The benefits of using AI Accuracy Machines are becoming more accurate than human beings. AI solutions have even been used to predict heart attacks before they happen. A major reason why AI is so accurate has to do

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The rise of the digital consumer has disrupted industries like retail and banking with profound and sudden impact. Personalised self-service is the new normal, as are growing consumer expectations for speed, choice and fluidity. This transformation has left retailers and banks stuck in the digital-physical “failure zone”: when companies do not provide a frictionless customer experience, and consider their physical and digital experiences to be completely separate. Businesses are struggling to bridge the gap between these digital and in-person consumer

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As I review our progress in 2018 and goals for 2019, I recognise how important it is to get out of the office and attend industry events. Whether the event is with partners, customers or prospective customers, it’s always amazing to hear how others are navigating changes in banking. Though I attended several events and workshops in 2018, one that consistently stands out is MoneyLIVE. MoneyLIVE is an annual retail banking conference in London, where 400+ attendees gather to

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I’m back in London after attending NRF, the world’s largest retail conference in New York City, and I’m just now getting back to reality. Whoever said “retail is dead” is wrong. Throughout the three day conference I spoke with innovative retailers about their initiatives in 2019, the struggles they face and the types of technology they plan to invest in. Let’s just say these retailers are not dying. During day two of the conference, I spoke

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It’s that time of year again, and NRF is just around the corner. NRF is the world’s largest retail conference and expo. However, it isn’t just a conference, it’s also a community with a global audience and exhibitor base. We’re excited to be a bronze sponsor for the third year and can’t wait to discuss all the latest innovations and digital transformation initiatives in retail at booth #4454, level 3. The definition of digital

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The adoption of scheduling technology and more sophisticated customer engagement processes have had profound implication on the overall customer experience. The rise of the digital consumer has disrupted industries like retail and banking with deep and sudden impact. Banks and retailers need to start servicing their customers across all channels without hurting their existing business and services whilst maximizing high-value human-to-human interactions. Those that don't tackle the gap between digital and in-person consumer interactions head-on will quickly fall behind! Let's

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In my last article, I talked about gathering and understanding requirements. This time, I will move on to making sure that some hidden requirements are considered, and then how to ask the questions that make it much easier to get the rest of the firm onside (especially those pesky senior managers and board members who tend to hold the purse strings). What is the matrix within which we want to solve this problem? It's not enough to know what the

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