Thursday, February 8th, 2018 - WiseGuyReports

Overview

AI encompasses a broad range of technologies that will transform both back-office and customer-facing operations in banking. These include robotic process automation that will facilitate high-volume, repetitive tasks; natural language processing (NLP), where algorithms translate natural language into a form a computer can understand; data analytics to examine datasets to identify patterns, correlations, market trends, and customer preferences and behaviors in order to improve business performance; and image analytics, where information from visual data is converted into machine-readable form, using techniques such as pattern recognition and digital geometry.

 

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  • Key highlights from the report:

- Artificial intelligence will enhance, not threaten, the existing structure of banking.

- Banks will harness technology to humanize banking.

- Banks will not be rendered extinct by challengers, but will see their dominance challenged.

- Regulators are helping to facilitate transformation in banking.

- AI and automated services fit well with the distinctive needs of younger consumers.

- Technology is helping to democratize lending.

 

 

Ron Shevlin of banking consultants Cornerstone Advisors shared some statistics that highlight the increasing propensity of consumers to use non-traditional products and providers for basic financial services, such as deposit holding and payments.

Examples of deposit displacement in the US include:

P2P payments provider Venmo – $2.2bn held in customer accounts

Starbucks – more than $2bn in deposits on its closed loop mobile payments system

Shevlin claimed that “deposit displacement is causing the death of checking accounts.”

…Continued        

                                  

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NORAH TRENT                                                      

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Norah Trent
P: +44 208 133 9349
M: +1 646 845 9349
W: www.wiseguyreports.com/

Keywords

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