AI in banking: Beyond the bots

It wasn’t so long ago that artificial intelligence (AI) in banking seemed futuristic. Now, AI in the banking industry is officially mainstream as use cases mature from nice-to-have, cutting-edge options into day-to-day capabilities that offer concrete benefits and extraordinary savings. It’s about efficiency, speed, data and insights that just weren’t possible before.

The trend toward AI is continuing to gather steam. According to a recent study by Business Insider:

  • 80% of financial institutions are “highly aware” of the benefits of AI and machine learning.
  • 75% of banks with more than $100 billion in assets are currently implementing AI.
  • 46% of FIs with less than $100 billion in assets are currently implementing AI.

By 2023, FIs are projected to save $447 billion by using AI, the majority of that being derived from customer-facing apps like chatbots, and back-office uses like anti-fraud and risk applications.

 

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