The top five ways that AI is transforming banking

There was a time when every neighbourhood bank in North America and Europe was acquired by or merged with a larger institution. By 2000, global mega-banks offered fewer choices to consumers looking for competitive interest rates and other services. But the too big to fail banks are now facing competition in the form of a resurgence of customer-friendly, local banks. There is an even bigger challenge: Technology companies have been applying for financial licences that would allow them to enter the digital payments space. As traditional banks grapple with the challenges posed by fintech, legacy constraints and traditional operational models, artificial intelligence (AI) is emerging as the saviour.