How Can Community Banks Benefit from Artificial Intelligence?

Banking and financial services leaders see great opportunity to improve the bottom line thanks to artificial intelligence, particularly in the areas of process automation and fraud detection, according to a recent article for Forbes by AI developer Dmitry Matskevich. A July report from Capgemini's Digital Transformation Institute predicts the financial sector could add $512 billion to their global revenues by 2020, and increase costs savings by 10 to 25 percent, thanks to intelligent automation. "In 2017, financial firms quietly introduced a range of practical machines that think. Some banks added AI surveillance tools to thwart financial crime, while others deployed machine learning for tax planning," PwC reports. "Wealth managers can now offer automated investing advice across multiple channels, and many insurers now use automated underwriting tools in their daily decision-making."