McKinsey reported that “Artificial intelligence technologies are increasingly integral to the world we live in, and banks need to deploy these technologies at scale to remain relevant. Success requires a holistic transformation spanning multiple layers of the organization.” The September 19, 2020 reported entitled “AI-bank of the future: Can banks meet the AI challenge?” included these comments:
Many banks, however, have struggled to move from experimentation around select use cases to scaling AI technologies across the organization.
Reasons include the lack of a clear strategy for AI, an inflexible and investment-starved technology core, fragmented data assets, and outmoded operating models that hamper collaboration between business and technology teams.
What is more, several trends in digital engagement have accelerated during the COVID-19 pandemic, and big-tech companies are looking to enter financial services as the next adjacency.
To compete successfully and thrive, incumbent banks must become “AI-first” institutions, adopting AI technologies as the foundation for new value propositions and distinctive customer experiences.
It is likely that AI will be used in banking, so the more we know the better!