Artificial intelligence (AI) applications are estimated to save banks $447 billion by 2023, and front- and middle-office AI improvements could represent more than 90% of these savings.
Leveraging AI tools like chatbots, voice assistants, and personalized insights can transform the customer experience by enabling frictionless, 24/7 interactions. Additionally, in middle-office banking, AI can be used to improve anti-money laundering efficiency and payments fraud prevention.
A recent OpenText survey found that 80% of banks are highly aware of the potential benefits presented by AI, but much fewer have taken the dive into implementation. When mindfully executed, AI can enable cost cuts, risk mitigation, and a better user experience, but what does winning execution look like?
See the rest of the story at Business Insider
See Also:
- UK insurtech Carrot is facing criticism over its tech and data collection practices
- JPMorgan is planning to launch a digital bank in the UK under the Chase brand
- Intuit has scooped up Credit Karma for $7 billion to diversify its product suite
from Business Insider https://ift.tt/2PDNlUr
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