Banking brands can’t keep pace with digital giants without AI

Collaboration and partnerships offer affordable options for banks and credit unions to apply artificial intelligence to create highly targeted marketing and rewards offers and to improve user experience. That and more are required for legacy institutions to offset Big Tech's inroads into financial services.

Even though the acronym AI is now well-embedded in banking industry consciousness, actual use of artificial intelligence, and its cousins machine learning and data analytics, has been limited except with a handful of the largest financial institutions.

According to an MIT Sloan report cited by IBM, 81% of all enterprises do not understand what data is required for AI, or how to access it. Still, the report found that 83% agree that driving AI across the enterprise is a strategic opportunity.

Meanwhile the big tech firms, notably Amazon, Google and Facebook, have built big leads in this area, powering their ecommerce empires, which increasingly include financial services.

There are options, however, to enable a wider range of financial institutions to take advantage of AI for use in marketing, personalization, user experience, payments, and more.


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